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 7 - SECURITIES

PART 7.6 - MONEY AND SCRIP OF DEALERS' CLIENTS

SECTION 866   DEALER TO KEEP TRUST ACCOUNT  

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866(1)  (Trust account to be opened)  

A licensee must open and maintain:

(a)  an account, designated as a trust account, with an Australian ADI; or

(b)  2 or more such accounts.

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History

S 866(1) amended by No 48 of 1998, Sch 3, Pt 1 (effective 1 July 1998).

S 866(1) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).

866(2)  (Exclusion)  

Where a condition of a licence prohibits the licensee from holding money in trust for the licensee's clients, subsection (1) does not apply in relation to the licensee unless and until the licensee receives money that section 867 requires the licensee to pay into a trust account.

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History

S 866(2) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).

866(3)  (Contravention an offence)  

A person who contravenes subsection (1) is guilty of an offence.

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History

S 866(3) inserted by No 110 of 1990, Sch 1 (effective 18 December 1990).

866(4)  (Intent to defraud)  

A person who, with intent to defraud, contravenes subsection (1) is guilty of an offence.

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History

S 866(4) inserted by No 110 of 1990, Sch 1 (effective 18 December 1990).

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