Securities Industry (Release of Sureties) Act 1981 (Qld)

23 1^1IE$1t51cCCC^ ANNO TRICESIMO ELIZABETHAE SECUNDAE REGINAE No. 6 of 1981 An Act to make provision for the discharge of securities and the release of sureties consequential upon the repeal of the Securities IndustryAct 1971 and to provide that certain securities are valid bonds for the purposes of the Securities IndustryAct 1975-1978 [ASSENTED TO 30TH MARCH, 1981]

24 Securities Industry (Release of Sureties ) Act 1981, No. 6 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same, as follows:- 1. Short title . This Act may be cited as the Securities Industry (Release of Sureties) Act 1981. 2. Interpretation . In this Act, unless the contrary intention appears- " dealer " means a person who was licensed as such pursuant to the repealed Act; '` surety" means a person who has entered into a security in favour of the Commissioner for Corporate Affairs as a result of the Commissioner exercising his power under section 24 of the repealed Act: " the Commissioner " means the Commissioner for Corporate Affairs under the Securities Industry Act1975-1978 and includes any Deputy or Assistant Commissioner for Corporate Affairs; " the repealed Act " means the Securities Industry Act1971. 3. Notice by surety . Where a security has been Iodized with the Commissioner pursuant to section 24 of the repealed Act by or on behalf of a dealer the surety in respect of that security may, and on the written request of the dealer shall, (a) advertise for claims in the manner prescribed by this Act: and (b) subject to the provisions of section 6 of this Act, on the expiry of the period specified in the advertisement apply to the Commissioner for discharge of the security. 4. Form of advertisement . (1) The advertisement referred to in section 3 of this Act shall be published in the form set out in the Schedule to this Act, or in such other form as the Commissioner may in relation to any particular case authorise, in the public notices of a newspaper circulating generally in the State. (2) The date to be inserted in the advertisement as that by which particulars of any claim shall be delivered to the Commissioner shall be a date not less than 3 months nor more than 6 months from the date of publication of the advertisement. 5. Where no claims delivered . Where an advertisement is published in the manner prescribed by section 4 of this Act then, on the application of the surety, the Commissioner may, on being satisfied that no particulars of any claim were delivered by the date specified in the advertisement notify the dealer and the surety, in writing, that the security is discharged and the surety released by virtue of the operation of this Act. 6. Where claims exist. Where particulars of any claim giving rise to a potential liability under the security are known, or are delivered pursuant to an advertisement made under this Act, to the Commissioner then the Commissioner shall inform the surety of these particulars and that

Securities Industry (Release of Sureties ) Act 1981, No. 6 25 surety may, and on the written request of the dealer shall, apply to the Commissioner for directions as to the manner in which the security is to be dealt with and the Commissioner, on being satisfied that the potential liability is substantially less than the amount of the security, may give such directions as he thinks fit including directions making provision for- (a) the variation of the security; b) the return of the whole or any part of any money or other property held by the surety in respect of a potential liability that was greater than the claims presented; (c) the reference to a court or arbitration of any matters in dispute: or (d) the entire or partial release of the surety, and effect shall be given to such directions. 7. Effect of discharge . (1) Where a security is discharged, whether wholly or in part, by the Commissioner pursuant to this Act- (a) a claim shall not lie against, and if made shall not be recoverable from, the surety in relation to the obligations conditioned by the security insofar as they are so discharged; and (b) the surety shall deliver up, refund, transfer or otherwise return to the dealer the whole, or such proportion as the Commissioner may direct in the case of a partial discharge, of any money or other property deposited with or held by the surety to cover the potential liability of the surety under the security. (2) A discharge may, pursuant to a direction of the Commissioner, relate only to a proportion of the amount of the security where the provisions of section 6 of this Act have effect and in any such case the provisions of subsection (1) of this section do not apply to and in relation to such claims as the Commissioner may specify in his direction or to the obligations relating thereto. 8. Saving . Nothing in this Act shall be construed as prohibiting or affecting any claim made, or to be made, in relation to- (a) the payment or the application of, or the accounting for, moneys coming to the hands of a dealer; or (b) the compliance by a dealer with the duties and obligations imposed by law in relation to those moneys, insofar as any such claim is not made against a surety under a security discharged pursuant to this Act. 9. Security deemed to be bond for the purposes of Securities IndustryAct 1975-1978. (1) Where pursuant to paragraph (c) of section 40 (2) of the Securities Industry Act1975-1978 it is or was a condition of a dealers licence issued under that Act that the holder of that licence lodge with the Commissioner a bond approved by the Commissioner 2-8098

26 Securities Industry (Release of Sureties ) Act 1981, No. 6 and the Commissioner has accepted as sufficient compliance with that condition a security previously lodged with the Commissioner pursuant to section 24 of the repealed Act then that security shall be deemed to be, and at all material times to have been , a valid bond for the purposes of the said paragraph (c) of section 40 (2). (2) The provisions of the Securities Industry Act1975-1978 apply, and it is hereby declared always did apply, to a security referred to in subsection (1). (3) The provisions of sections 3 to 8, both inclusive, of this Act do not apply to a security referred to in subsection (1).

Securities Industry (Release of Sureties ) Act 1981, No. 6 27 THE SCHEDULE [s. 4] Securities Industry (Release of Sureties) Act 1981. In i the matter of the Securities Industry Act1971, and in the matter NOTICE is hereby given that any person who claims to have suffered pecuniary loss by reason of a failure on the part of 1 ........................................................... of 2 .................................................................or any clerk or servant employed thereby,- (a) to duly and according to law pay, apply and account for moneys coming to the hands of that person consequent upon his being a dealer within the meaning of the Securities IndustryAct1971 ; or (b) to comply punctually with all duties and obligations imposed by law in relation to those moneys, is required to deliver in writing on or before the a ........................................................... day of ............................................................19............, to the Commissioner for Corporate Affairs of 231 Turbot Street Brisbane particulars of that claim, after which time no further claim shall lie against 4. ................................... ................ .... of 5 ........................................................................in respect of the security entered into in relation to 1 ........................................................................and an application will be made pursuant to the Securities Industry (Release of Sureties) Act 1981, to be discharged from the obligations of the security. Dated this ...................................................... day of...................................................... 19............ (Signed) .............. ................. ...................... ._.._ Insert name of dealer. ' Insert all known past and present business addresses of the dealer. 3 Insert date pursuant to section 4 (2) of the Securities Industry (Release of Sureties) Act 1981. ' Insert name of surety. Insert address of surety.