Corporations (National Guarantee Fund Levies) Act 2001
Act No. 54 of 2001 as amended
This compilation was prepared on 22 October 2007
taking into account amendments up to Act No. 148 of 2007
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra
Contents
1............ Short title [see Note 1]........................................................................ 1
2............ Commencement [see Note 1].............................................................. 1
3............ Definitions.......................................................................................... 1
4............ Imposition of levies in respect of National Guarantee Fund................ 1
5............ Amount of levy................................................................................... 1
6............ Transitional matters—implementation of the Corporations Act 2001. 2
7............ Transitional matters—implementation of the Financial Services Reform Act 2001 3
Notes 5
An Act to impose levies in respect of the National Guarantee Fund, and for related matters
1 Short title [see Note 1]
This Act may be cited as the Corporations (National Guarantee Fund Levies) Act 2001.
2 Commencement [see Note 1]
This Act commences at the same time as the Corporations Act 2001.
3 Definitions
Expressions used in this Act that are defined in a provision of the Corporations Act 2001 that applies for the purposes of Division 4 of Part 7.5 of that Act (whether it also applies for other purposes) have the same meanings in this Act as they are given by that provision.
4 Imposition of levies in respect of National Guarantee Fund
The following levies are imposed by this Act:
(a) any levy that is payable under section 889J of the Corporations Act 2001;
(b) any levy that is payable under section 889K of the Corporations Act 2001.
These levies relate to the situation in which the amount in the National Guarantee Fund is less than the minimum amount referred to in section 889I of the Corporations Act 2001.
5 Amount of levy
(1) A determination referred to in subsection 889J(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by paragraph 4(a) of this Act in relation to the determination is the amount specified in, or worked out in accordance with the method specified in, the determination.
(2) A determination referred to in subsection 889K(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by paragraph 4(b) of this Act in relation to the determination is the amount specified in, or worked out in accordance with the method specified in, the determination.
(3) Different amounts or methods may be specified in the same determination (whether it is a determination referred to in subsection 889J(1) or a determination referred to in subsection 889K(1)) in relation to different classes of matters of things.
(4) A determination referred to in subsection 889J(1) of the Corporations Act 2001 must not specify an amount of levy, or a method for determining the amount of levy, that results in the total amount in levies that becomes payable to the SEGC in a financial year exceeding 150% of the minimum amount in relation to the NGF on 1 July in the financial year.
6 Transitional matters—implementation of the Corporations Act 2001
(1) If, immediately before the commencement of this Act, an amount was payable by a person to a securities exchange under section 938 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the operator of the financial market that was that securities exchange as agent for the Commonwealth.
(2) If, immediately before the commencement of this Act, an amount was payable by a person to SEGC under section 940 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to SEGC as agent for the Commonwealth.
(3) If, immediately before the commencement of this Act, an amount was payable by a person to a securities exchange under section 941 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the operator of the financial market that was that securities exchange as agent for the Commonwealth.
7 Transitional matters—implementation of the Financial Services Reform Act 2001
A determination that, immediately before the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001, had effect (including because of subsection 6(4) of this Act as then in force) for the purposes of subsection 5(1), (2) or (3) of this Act as then in force continues to have effect (and may be dealt with) after that commencement as if it were:
(a) if the determination had effect for the purposes of subsection 5(1) or (2) of this Act as then in force—a determination for the purposes of subsection 5(1) of this Act as in force after that commencement; or
(b) if the determination had effect for the purposes of subsection 5(3) of this Act as then in force—a determination for the purposes of subsection 5(2) of this Act as in force after the commencement.