THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.8 - DEPOSITS WITH STOCK EXCHANGES

SECTION 890   DEPOSIT TO BE PROPORTION OF TRUST ACCOUNT BALANCE  

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890(1)  [Amount of deposit]  

The deposit to be lodged and kept for the purposes of section 889 shall be an amount equal to two-thirds (or, where a lesser proportion is prescribed, that proportion) of:

(a)  if the licensee or partnership, as the case may be, keeps 2 or more trust accounts - the lowest aggregate of the balances in those trust accounts; or

(b)  otherwise - the lowest balance in the trust account of the licensee or partnership;

during the 3 months ending on the quarter day last past.

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890(2)  [When deposit not required]  

A deposit need not be lodged or kept for the purposes of this Part if, but for this subsection, the amount of the deposit would be less than $3,000.

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890(3)  [Increase in deposit]  

If, because of subsection (1), the amount of a deposit to be lodged and kept with a stock exchange increases, the licensee or partnership, as the case may be, shall so lodge the amount of the increase within 5 trading days of that stock exchange after the relevant quarter day that is the last day of the period by reference to which the amount required to be so lodged is calculated.

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