Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 7.8 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (Div 8 only) (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
For legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.8, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH Note: Division 2 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Subdivision A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 981H is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
Subject to subsection (3), money to which this Subdivision applies that is paid to the licensee:
(a) by the client; or
(b) by a person acting on behalf of the client; or
(c) in the licensee ' s capacity as a person acting on behalf of the client;
is taken to be held in trust by the licensee for the benefit of the client.
981H(2)
(Repealed by No 141 of 2003, s 3, Sch 2 [ 63].)
981H(3)
The regulations may:
(a) provide that subsection (1) does not apply in relation to money in specified circumstances; and
(b) provide for matters relating to the taking of money to be held in trust (including, for example, terms on which the money is taken to be held in trust and circumstances in which it is no longer taken to be held in trust).
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