107Provisions where fund exceeds $2,000,000

##### 107 Provisions where fund exceeds $2,000,000 (1) In this section, relevant person, in relation to a securities exchange, means a member of the securities exchange: (a) who has made 20 or more annual contributions to the fidelity fund of the securities exchange; and (b) in respect of whom a payment from the fund has not been made or, if such a payment has been made, has been repaid to the fund. (1A) Where the amount in a fidelity fund of a securities exchange exceeds $2,000,000 or such lesser amount as is prescribed, a relevant person is not, subject to this section, required to make further annual contributions to the fund. (1B) Where the amount in a fidelity fund of a securities exchange exceeds $2,000,000 or such lesser amount as is prescribed, the following paragraphs apply in relation to relevant persons who are natural persons: (a) on the retirement from business of such a relevant person, the committee may, in its discretion, pay to him an amount determined in accordance with subsection (1D); (b) on the death of such a relevant person without any payment having been made to him under paragraph (a), the committee may, in its discretion, pay an amount determined in accordance with subsection (1D) to his personal representative or to any person who was wholly or partly dependent on him at the time of his death. (1C) Where the amount in a fidelity fund of a securities exchange exceeds $2,000,000 or such lesser amount as is prescribed, the committee may, in its discretion, pay to a relevant person, being a body corporate, that ceases to be a member of the securities exchange an amount determined in accordance with subsection (1D). (1D) The amount that may, under subsection (1B) or (1C), be paid out of a fidelity fund to or in respect of a relevant person is the total amount of the annual contributions made by the relevant person to the fund or such proportion of those contributions as is for the time being determined by the committee either generally or in relation to the particular relevant person, either with or without simple interest at a rate not exceeding 3% per annum. (2) A determination of the committee under subsection (1D) shall be in writing and may be in respect of any person or any class of persons. (3) The securities exchange may, by notice in writing published in the Gazette: (a) suspend the operation of paragraph (1B)(a) or (b); or (b) revoke any such suspension; but, where the operation of one of those paragraphs is for the time being suspended, the securities exchange shall not suspend the operation of the other of those paragraphs. (4) Where the amount in a fidelity fund is, by reason of payments made out of the fund, less than $1,000,000 or such lesser amount as is prescribed, the securities exchange may determine that a person who by reason of subsection (1A) is not required to make annual contributions to the fund shall again be required, to such extent as it thinks fit, to make annual contributions under section 106. (5) A person to whom a determination under subsection (4) applies is liable to make contributions in accordance with the determination.