36KSeat redemption scheme

##### 36K Seat redemption scheme (1) In this section: > available money means: (a) if the Commission determines an amount in writing for the purposes of this paragraph—so much of the amount that the nominated exchange pays to the Exchange under subsection 36M(3) as does not exceed the amount that the Commission so determines; (b) amounts of levies imposed: (i) under the Exchange’s business rules; (ii) on local members; and (iii) for the purposes of enabling the Exchange to comply with the Scheme; (c) fees payable, in respect of their admission to membership of the Exchange, by persons who immediately after their admission are local members; and (d) the interest and profits accruing from the investment of money that is available money by virtue of a previous application or previous applications of this definition. > eligible person means a person who was throughout the relevant period a member of the nominated exchange. > local member means a member of the Exchange whose Home Jurisdiction for the purposes of the Exchange’s articles is the Territory. > relevant period means the period commencing immediately before 1 July 1983 and ending immediately before the relevant commencement. > Scheme means the seat redemption scheme (if any) of the nominated exchange, being the scheme particulars of which are set out in the notice referred to in the definition of nominated exchange in subsection 36A(1). (2) After the relevant commencement, the Scheme has effect, with such modifications as the circumstances require, as if the Exchange were substituted for the nominated exchange as a party to the Scheme and, except in relation to a time before that commencement: (a) a reference in the provisions of the Scheme to the nominated exchange or to the committee of the nominated exchange were a reference to the Exchange, or to the committee of the Exchange, as the case may be; and (b) a reference in the provisions of the Scheme to a person ceasing to be a member of the nominated exchange were a reference to an eligible person ceasing to be a member of the Exchange. (3) An eligible person shall not, by reason only of ceasing by virtue of subsection 36H(1) to be a member of the nominated exchange, be taken for the purposes of the Scheme to have ceased to be a member of the nominated exchange. (4) Notwithstanding anything in the Scheme, amounts that the Exchange becomes liable to pay under the Scheme shall be paid only out of available money.