Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Corporations (Futures Organisations Levies) Bill 2001

 

 

 

 

Corporations (Futures Organisations Levies) Act 2001

 

No. 53, 2001



 

 

 

 

Corporations (Futures Organisations Levies) Act 2001

 

No. 53, 2001

 

 

 

 

An Act to impose levies in respect of futures organisation fidelity funds, and for related matters

   

   

   



Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Definitions.......................................................................................... 2

4............ Imposition of levies in respect of futures organisation fidelity funds 2

5............ Amounts of levies............................................................................... 2

6............ Transitional matters............................................................................ 4

 



Corporations (Futures Organisations Levies) Act 2001

No. 53, 2001

 

 

 

An Act to impose levies in respect of futures organisation fidelity funds, and for related matters

[ Assented to 28 June 2001 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Corporations (Futures Organisations Levies) Act 2001 .

2   Commencement

                   This Act commences at the same time as the Corporations Act 2001 .

3   Definitions

             (1)  In this Act:

old Corporations Law , in relation to a State or Territory, has the same meaning as it has in Part 10.1 of the Corporations Act 2001 .

             (2)  Other expressions used in this Act that are defined in a provision of the Corporations Act 2001 that applies for the purposes of Part 8.6 of that Act (whether it also applies for other purposes) have the same meanings in this Act as they are given by that provision.

4   Imposition of levies in respect of futures organisation fidelity funds

                   The following levies in respect of futures organisation fidelity funds are imposed:

                     (a)  the levy by the name of futures organisation (application for membership) fidelity fund contribution that is payable under subsection 1234(1) of the Corporations Act 2001 by a person who wishes to be admitted to membership of a futures organisation as mentioned in that subsection;

                     (b)  the levy by the name of futures organisation (annual membership) fidelity fund contribution that is payable under subsection 1234(2) of the Corporations Act 2001 by a member of a futures organisation referred to in that subsection;

                     (c)  any levy by the name of futures organisation additional fidelity fund contribution that is payable under subsection 1235(1) of the Corporations Act 2001 by a contributing member of a futures organisation referred to in that subsection.

5   Amounts of levies

             (1)  The amount of levy imposed by paragraph 4(a) is such amount, not being less than $500, as is determined by the futures organisation in relation to the person, or in relation to a class of persons that includes the person.

             (2)  The amount of levy imposed by paragraph 4(b) is such amount, not being less than $100, as is determined by the futures organisation in relation to the member, or in relation to a class of members that includes the member.

             (3)  Subject to subsections (4) and (5), the amount of levy imposed by paragraph 4(c) is such amount as is determined by the futures organisation in relation to the contributing member, or in relation to a class of contributing members that includes the contributing member.

             (4)  Subsection (3) has effect subject to the following limitations:

                     (a)  if, apart from this section, the making of a determination (the new determination ) of an amount of levy for the purposes of subsection (3) would take the total of all amounts of levy determined in relation to a contributing member under that subsection to more than $5,000, the new determination has effect in relation to the contributing member only to the extent to which it would take that total to $5,000;

                     (b)  if, apart from this section, the making of a determination (the new determination ) of an amount of levy for the purposes of subsection (3) would take the total of all amounts of levy determined in relation to a contributing member under that subsection in a period of 12 months (which may be a period some of which occurred before the commencement of this Act) to more than $1,000, the new determination has effect in relation to the contributing member only to the extent to which it would take that total to $1,000.

             (5)  A reference in subsection (4) to an amount of levy determined in relation to a person under subsection (3) is taken to include a reference to:

                     (a)  in the case of paragraph (4)(a)—any amount that counted for the purpose of the $5,000 limit in subsection 1235(3) of the old Corporations Law of a State or Territory as it applied in relation to the contributing member and the futures organisation immediately before the commencement of this Act; and

                     (b)  in the case of paragraph (4)(b)—any amount that counted for the purpose of the $ 1,0 00 limit in subsection 1235(3) of the old Corporations Law of a State or Territory as it applied in relation to the contributing member and the futures organisation immediately before the commencement of this Act in respect of so much of the 12 month period referred to in paragraph (4)(b) as occurred before that commencement.

6   Transitional matters

             (1)  If, immediately before the commencement of this Act, an amount was payable by a person to a futures organisation under subsection 1234(2) of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the futures organisation as agent for the Commonwealth.

             (2)  If, immediately before the commencement of this Act, an amount was payable by a person to a futures organisation under subsection 1235(1) of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the futures organisation as agent for the Commonwealth.

             (3)  A determination of an amount in force immediately before the commencement for the purposes of subsection 1234(1), 1234(2) or 1235(1) of the old Corporations Law of a State or Territory in this jurisdiction continues to have effect (and may be dealt with) after the commencement of this Act as if it were:

                     (a)  in the case of a determination for the purposes of subsection 1234(1)—a determination for the purposes of subsection 5(1) of this Act; or

                     (b)  in the case of a determination for the purposes of subsection 1234(2)—a determination for the purposes of subsection 5(2) of this Act; or

                     (c)  in the case of a determination for the purposes of subsection 1235(1)—a determination for the purposes of subsection 5(3) of this Act.

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 24 May 2001

Senate on 18 June 2001 ]

 

(90/01)