Commonwealth Numbered Acts

FUTURES INDUSTRY ACT 1986 No. 72 of 1986 - SECT 10

10. (1) In this Act, unless the contrary intention appears, "exempt broker"
means-

   (a)  a body corporate, or a body corporate included in a class of bodies
        corporate, prescribed for the purposes of this paragraph;

   (b)  a body corporate-

        (i)    that is incorporated within Australia;

        (ii)   that is a public authority or an instrumentality or agency of
               the Crown in right of the Commonwealth, of a State or of a
               Territory; and

        (iii)  in relation to which, or in relation to a class of bodies
               corporate including which, a declaration by the Ministerial
               Council is in force under sub-section (2); or

   (c)  subject to sub-section (4), a person who carries on a business of
        dealing in futures contracts on behalf of others, but does so only in
        one or more of the following capacities:

        (i)    as an official receiver or trustee within the meaning of the
               Bankruptcy Act 1966;

        (ii)   as an official manager, receiver, receiver and manager or as a
               person appointed by a court to carry on the business concerned;

        (iii)  as the personal representative of a deceased futures broker;

        (iv)   such other capacity as is prescribed,
or in such other circumstances as are prescribed;

(2) The Ministerial Council may, by instrument in writing, declare a specified
body corporate, or a body corporate included in a specified class of bodies
corporate, to be a body corporate in relation to which paragraph (1) (b)
applies.

(3) The Commission shall cause a copy of an instrument executed under
sub-section (2) to be published in the Gazette, but failure of the Commission
to do so does not affect the validity of the instrument.

(4) A person who, but for this sub-section, would be an exempt broker because
the person carries on business as a futures broker only in the capacity of
personal representative of a deceased broker, ceases to be an exempt broker at
the end of the period of 6 months after the date of the death of the broker or
upon the person being discharged or removed as such a personal representative
or upon the final distribution of the estate of the broker, whichever first
occurs.