CORPORATIONS ACT 2001
(a) all application money received from people applying for securities under the disclosure document; and
(b) all other money paid by them on account of the securities before they are issued or transferred;
in trust under this section for the applicants until:
(c) the securities are issued or transferred; or
(d) the money is returned to the applicants. 722(2) [ Return of trust money]
If the application money needs to be returned to an applicant, the person must return the money as soon as practicable.722(3) [ Strict liability offence]
An offence based on subsection (1) or (2) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .