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 867
WHAT IS TO BE PAID INTO DEALER'S TRUST ACCOUNT
867(1)
(Money to go into trust)
A licensee must pay into a trust account:
(a)
money held by the licensee in trust for a client; and
(b)
without limiting the generality of paragraph (a), money received by the licensee from a client, other than:
(i) money received in respect of brokerage or any other proper charge;
(ii) money received in payment or part payment for securities delivered to the licensee before the money is received; or
(iii) money in relation to which the licensee is required to comply with section 872.
History
S 867(1) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).
867(2)
(Exclusions)
Subsection
(1) does not apply in relation to a payment order that:
(a)
is payable to, or to the order of, a specified person or bearer; and
(b)
the licensee receives from, or on behalf of, a client with express or implied instructions that it is to be delivered to the person to whom it is payable;
unless the payee in the payment order is the licensee, a partner of the licensee or a firm in which the licensee is a partner.
History
S 867(2) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).
867(3)
(Contravention an offence)
A person who contravenes subsection
(1) is guilty of an offence.
History
S 867(3) inserted by No 110 of 1990, Sch 1 (effective 18 December 1990).
867(4)
(Intent to defraud)
A person who, with intent to defraud, contravenes subsection
(1) is guilty of an offence.
History
S 867(4) inserted by No 110 of 1990, Sch 1 (effective 18 December 1990).