Corporations Act 2001
Ch 7 inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).
As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use " inserted " and references to the former provisions have been removed.
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.
S 981H(1) amended by No 141 of 2003, s 3, Sch 2 [ 62] (effective 18 December 2003).
S 981H(1) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).
(Repealed by No 141 of 2003, s 3, Sch 2 [ 63] (effective 18 December 2003).) 981H(3)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).
S 981H(3) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).
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