Interpretation
1 Interpretation
In this Schedule—
eligible capital loss of an eligible claimant is the qualifying capital investment made by the eligible claimant less any capital amount recovered by the eligible claimant with respect to that investment before the qualifying date and less any other amount that the eligible claimant has received or may reasonably be expected to recover (apart from this Schedule) in reduction of the eligible claimant's pecuniary loss;
eligible claimant means a person who—
has made a qualifying capital investment; and
has suffered pecuniary loss with respect to that investment as a result of fiduciary default on the part of Growden Investments;
and
as at the qualifying date, has been unable to recover with respect to that loss an amount or amounts equal to or totalling the amount of the qualifying capital investment, but does not include a person who is (or has at any time been) an associate of G.C. Growden Pty. Ltd.;
Fund means Part B of the indemnity fund (see section 29A);
Growden Investments means G.C. Growden Pty. Ltd.
and includes any associate of G.C. Growden Pty. Ltd. (as in existence at any time);
prescribed period means the period commencing on the day on which this Schedule comes into operation and ending on 21 December
2004;
qualifying capital investment means—
any investment of money effected by making a payment to Growden
Investments, or to another person on the advice of Growden Investments, on or after 1 June 1995, on the understanding that the money would be lent to a person on the security of a mortgage; or
any reinvestment of money effected by Growden Investments, or on the advice of Growden Investments, on or after 1 June 1995, where the money was originally paid to Growden Investments, or invested on the advice of Growden
Investments, on the understanding that the money would be lent to a person on the security of a mortgage (including in a case where the original payment or investment occurred before 1 June 1995), but does not include any investment or reinvestment of money that constitutes trust money to which clause 2 of Schedule 2 of the
Conveyancers
Act 1994 applies (by virtue of the operation of clause
2(3) of that Schedule);
qualifying date means the date on which this
Schedule comes into operation.
For the purposes of this clause, a person is an associate of G.C.
Growden Pty. Ltd. if the person would be an associate of that company under clause 3(2) of
Schedule
2 (assuming (if necessary for the purposes of this provision) the continued existence of that person and that company).
For the purposes of this Schedule, a reinvestment of money within the ambit of paragraph (b) of the definition of
qualifying capital investment in subclause (1) will be taken to be a qualifying capital investment made by the person who originally paid or invested the money.
For the purposes of this Schedule, fiduciary default on the part of
Growden Investments will be taken to include—
a defalcation, misappropriation or misapplication of another person's money; or
a failure to disclose material facts with respect to the investment of another person's money.
If a person who has died could reasonably be expected to have been an eligible claimant under this Schedule were he or she still alive, the personal representative of that person will be taken to be an eligible claimant and any compensation recovered by the personal representative under this
Schedule will be payable to the person's estate.
This provision refers to the regulations (prescribed period
). Made under this Act:
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