THE CORPORATIONS LAW

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

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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.

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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.

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867(3) (Contravention an offence)

A person who contravenes subsection (1) is guilty of an offence.

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867(4) (Intent to defraud)

A person who, with intent to defraud, contravenes subsection (1) is guilty of an offence.

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