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:...

CHAPTER 6D - FUNDRAISING

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History

Chapter 6D inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 6D.2 - DISCLOSURE TO INVESTORS ABOUT SECURITIES

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History

Part 6D.2 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

Division 5 - Procedure for offering securities

SECTION 722   APPLICATION MONEY TO BE HELD ON TRUST  

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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.

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History

S 722 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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