Financial Services Reform Amendment Act 2003 (141 of 2003)

Schedule 2   Other amendments of the Corporations Act 2001

78J   Paragraphs 1016D(2)(c) and (d)

Repeal the paragraphs, substitute:

(c) an issue or transfer to a person of a financial product of that kind is void if:

(i) the issue or transfer is pursuant to an application made in response to the Statement; or

(ii) the person should have been given the Statement; and

(d) if:

(i) an issue or transfer of a financial product to a person is void because of paragraph (c); and

(ii) the responsible person received money from that person on account of the issue or transfer - the responsible person must, as soon as practicable, return the money to that person.