67Minister to nominate SEGC

#### 67 Minister to nominate SEGC (1) Subject to subsection (3), the Minister may nominate in writing as the Securities Exchanges Guarantee Corporation a body corporate (whenever incorporated) that is, for the purposes of the Corporations Law of the Capital Territory, a company limited by guarantee. (2) The Commission must cause a copy of a nomination by the Minister under subsection (1) to be published in the Gazette. (3) The Minister may only nominate a body corporate under subsection (1) if he or she is satisfied that: (a) the Exchange is a member of the body corporate; and (b) none of the members of the body corporate is a person other than an eligible exchange; and (c) the body corporate’s constitution provides that no person, other than a person of a kind referred to in paragraph (b), may become or remain a member of the body corporate; and (d) the body corporate will, if nominated under subsection (1), be able to perform and exercise SEGC’s functions and powers under the Fund provisions adequately and with due regard to the interests of the public; and (e) the body corporate has obtained, or will within a reasonable period after being nominated under subsection (1) obtain, indemnity insurance in respect of its liabilities for: (i) negligence in; and (ii) defalcation, or fraudulent misuse of property, by an officer, employee or agent of the body corporate in connection with; the performance or exercise of SEGC’s functions or powers under the Fund provisions, or has made or will make other satisfactory provisions for meeting those liabilities; and (f) the body corporate’s business rules make satisfactory provision: (i) for ensuring the safety of property received by the body corporate; and (ii) generally for the protection of the interests of the public. (4) An expression has in subsection (3) the meaning it would have if this section were in Part 7.10 of the Corporations Law of the Capital Territory. (5) The body corporate that, immediately before the commencement of this Part, was the National Securities Exchanges Guarantee Corporation for the purposes of Part IXA of the Securities Industry Act 1980 is taken to have been nominated, at that commencement, under subsection (1).