Corporations Regulations 2001
View history note
Hide history noteFor section 1444 of the Act, this regulation applies in relation to a person that is:
(a) a regulated principal mentioned in item 1 of the table in section 1430 of the Act (including a person to whom Part 7.6 of the old Corporations Act applies); and
(b) a participant of Australian Stock Exchange Limited. 10.2.20B(2) [ Special Purpose Trust Account]
In addition to section 866 of the old Corporations Act, the regulated principal must:
(a) operate a special purpose interest-bearing trust account; and
(b) designate the account to be a Special Purpose Trust Account; and
(c) ensure that the Special Purpose Trust Account is:
(i) with an Australian ADI; or
10.2.20B(3) [ Withdrawal]
(ii) of a kind mentioned in subregulation 7.8.01(2).
The regulated principal must withdraw from an account maintained for section 866 of the old Corporations Act an amount equal to two-thirds of:
(a) if the regulated principal maintains 2 or more accounts for that section - the lowest aggregate of the balances in the accounts during the 3 months ending on the quarter day last past; or
(b) if the regulated principal maintains 1 account for that section - the lowest balance in the account during the 3 months ending on the quarter day last past. 10.2.20B(4) [ Deposit]
Subject to subregulations (5) and (6), the regulated principal must:
(a) deposit the amount mentioned in subregulation (3) into the regulated principal's Special Purpose Trust Account; and
(b) keep the amount on deposit. 10.2.20B(5) [ Deposit - less than $3,000]
A deposit need not be lodged or kept for subregulation (4) if, apart from this subregulation, the amount of the deposit would be less than $3,000.
10.2.20B(6) [ Increased deposit]If, because of subregulation (3), the amount of a deposit to be lodged and kept in the regulated principal's Special Purpose Trust Account increases, the regulated principal must lodge the amount of the increase within 5 business days after the relevant quarter day that is the last day of the period by reference to which the amount required to be lodged is calculated.
10.2.20B(7) [ Deeming provision]An amount deposited in the Special Purpose Trust Account under subregulation (4) is also taken to be monies held in an account maintained by the regulated principal for section 866 of the old Corporations Act.
10.2.20B(8) [ Interest on account]If money is held in an account under subregulation (4):
(a) the interest on the account is the income of SEGC; and
(b) the regulated principal must pay the interest to SEGC, less any amount paid in relation to account establishment fees, account keeping fees, government taxes or other duties.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
