122BAMinisterial Council to nominate

##### 122BA Ministerial Council to nominate (1) Subject to subsection (3), the Ministerial Council may, by instrument in writing, nominate as the National Securities Exchanges Guarantee Corporation a body corporate (whether incorporated before or after the relevant commencement) that is, for the purposes of the Companies Act 1981, a company limited by guarantee. (2) The Commission shall cause a copy of an instrument executed by the Ministerial Council under subsection (1) to be published in the Gazette, but failure of the Commission to do so does not affect the validity of the instrument. (3) The Ministerial Council shall not nominate a body corporate under subsection (1) unless the Ministerial Council is satisfied that: (a) the Exchange is a member of the body corporate; (b) none of the members of the body corporate is a person other than: (i) an eligible exchange; or (ii) a nominee of an eligible exchange, being an eligible exchange that is a member of the body corporate; (c) the body corporate’s constituent documents provide that no person, other than a person of a kind referred to in subparagraph (b)(i) or (ii), may become or remain a member of the body corporate; (d) the body corporate will, if nominated under subsection (1), be able to perform and exercise the Corporation’s functions and powers under the Fund provisions adequately and with due regard to the interests of the public; (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) defalcations, or fraudulent misuse of property, by an officer, employee or agent of the body corporate in connection with; the performance or exercise of the Corporation’s functions or powers under the Fund provisions, or has made or will make other satisfactory provision 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.