1National Guarantee Fund (Reportable Transactions) Levy Act 1989

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National Guarantee Fund (Reportable Transactions) Levy Act 1989

No. 114 of 1989

An Act to impose a levy on certain transactions in securities

[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

1. This Act may be cited as the National Guarantee Fund (Reportable Transactions) Levy Act 1989.

Commencement

2. This Act commences on the same day as Part 7.10 of the Corporations Act 1989.

Incorporation

3. 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 Division 4 of Part 7.10 of that Act.

Imposition of levy

4. Any levy that is payable under section 938 of the Corporations Act 1989 is imposed by this Act.

Rate of levy

5. (1) The levy is payable at such rate or rates (not exceeding the prescribed rate) as are determined by SEGC.

(2) SEGC may determine under subsection (1) different rates of levy in respect of:

(a) transactions in different kinds of securities; or

(b) transactions by dealers included in different classes of dealers.

Regulations

6. (1) The Governor-General may make regulations prescribing a maximum rate or maximum rates for the purposes of section 5.

(2) The regulations may prescribe different maximum rates in relation to:

(a) transactions in different kinds of securities; or

(b) transactions by dealers included in different classes of dealers.

[Minister’s second reading speech made in—

House of Representatives on 25 May 1988

Senate on 14 October 1988]