THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

SECTION 722 APPLICATION MONEY TO BE HELD ON TRUST

722(1) [Money in trust]

If a person offers securities for issue or sale under a disclosure document, the person must hold:

(a) all application money received from people applying for securities under the disclosure document; and

(b) all other money paid by them on account of the securities before they are issued or transferred;

in trust under this section for the applicants until:

(c) the securities are issued or transferred; or

(d) the money is returned to the applicants.

722(2) [Return of trust money]

If the application money needs to be returned to an applicant, the person must return the money as soon as practicable.