CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 2 - Dealing with clients' money  

Subdivision A - Money other than loans  

SECTION 981H   MONEY TO WHICH SUBDIVISION APPLIES TAKEN TO BE HELD IN TRUST  

981H(1)  


Subject to subsection (3), money to which this Subdivision applies that is paid to the licensee:


(a) by the client; or


(b) by a person acting on behalf of the client; or


(c) in the licensee's capacity as a person acting on behalf of the client;

is taken to be held in trust by the licensee for the benefit of the client.

981H(2)  
(Repealed by No 141 of 2003, s 3, Sch 2 [ 63] (effective 18 December 2003).)

981H(3)  
The regulations may:


(a) provide that subsection (1) does not apply in relation to money in specified circumstances; and


(b) provide for matters relating to the taking of money to be held in trust (including, for example, terms on which the money is taken to be held in trust and circumstances in which it is no longer taken to be held in trust).


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