36HMembership of nominated exchange

##### 36H Membership of nominated exchange (1) A person who immediately before the relevant commencement was a member of the nominated exchange ceases at that commencement to be such a member. (2) Notwithstanding section 360 of the Companies Act 1981, a person who ceases by virtue of subsection (1) of this section to be a member of the nominated exchange is not by virtue of having been such a member liable to contribute to the property of the nominated exchange if the nominated exchange is wound up. (3) The Exchange becomes at the relevant commencement a member of the nominated exchange. (4) The Exchange becomes at the relevant commencement a member of each body corporate of which the Exchange is declared, by a provision of a law of a participating State or participating Territory that corresponds with subsection (3), to become a member at that commencement. (5) In respect of membership of the nominated exchange, the Exchange is entitled to the same rights, privileges and benefits, and subject to the same duties, liabilities and obligations, as if the Exchange had become a member of the nominated exchange in accordance with the nominated exchange’s business rules. (6) After the relevant commencement, a person other than the Exchange is not capable of being a member of the nominated exchange. (7) Subsection 82(1) of the Companies Act 1981 does not apply in relation to a company within the meaning of that Act if, and for so long only as, the company is an Exchange subsidiary. (8) A body corporate that is at a particular time: (a) a company within the meaning of the Companies Act 1981; and (b) an Exchange subsidiary; shall be deemed, for the purposes only of section 250 of that Act, to be at that time an exempt proprietary company. (9) A person who immediately before the relevant commencement was a director of the nominated exchange ceases at that commencement to be such a director. (10) Subsection 219(1) of the Companies Act 1981 does not, at any time during the period of 14 days beginning at the relevant commencement, apply in relation to a company within the meaning of that Act that is an Exchange subsidiary.