Futures Organisations Fidelity Funds Levy Act 1989
1Futures Organisations Fidelity Funds Levy Act 1989
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Futures Organisations Fidelity Funds Levy Act 1989
No. 119 of 1989
An Act to impose a levy on contributing members of certain futures organisations
[Assented to 14 July 1989]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
Short title
- This Act may be cited as the Futures Organisations Fidelity Funds Levy Act 1989.
Commencement
- This Act commences on the same day as Part 8.6 of the Corporations Act 1989.
Incorporation
- The Corporations Act 1989 is incorporated, and shall be read as one, with this Act, and shall be so read as if the provisions of this Act were provisions of Part 8.6 of that Act.
Imposition of levy
- Any levy by the name of futures organisation fidelity fund levy that is payable under subsection 1235 (1) of the Corporations Act 1989 by a contributing member of a futures organisation referred to in that subsection is imposed by this Act.
Amount of levy
- The amount of the levy is such amount, not exceeding the prescribed amount, as is determined by the futures organisation concerned.
Regulations
- (1) The Governor-General may make regulations prescribing maximum amounts for the purposes of section 5.
(2) The regulations may prescribe different maximum amounts in relation to different futures organisations.
[Minister’s second reading speech made in—
House of Representatives on 25 May 1988
Senate on 14 October 1988]