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 870   WITHDRAWAL AGAINST UNCLEARED CHEQUE  

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870(1)  [Application of section]  

This section applies where the holder of a licence withdraws from a trust account of the holder some or all of the amount of a cheque:

(a)  that has been paid into the account; and

(b)  that has not been paid, and payment of which has not been refused, by the banker on which it is drawn.

870(2)  [Effect of withdrawal]  

The holder does not, merely because of the withdrawal, contravene section 869.

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History

S 870(2) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).

870(3)  [If banker refuses payment]  

If the banker later refuses payment of the cheque, the holder shall, within one business day after being notified of the refusal, pay into the trust account by cash, or by cheque that a bank or other institution draws on itself, an amount equal to the amount of the withdrawal.

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History

S 870(3) amended by No 48 of 1998, Sch 3, Pt 2 (effective 1 July 1998).

S 870(3) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).

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