(1) A licensee must open and maintain:

(a)

an account, designated as a trust account, with an Australian ADI; or

(b)

2 or more such accounts.

(2) Where a condition of a licence prohibits the licensee from holding money in trust for the licensee's clients, subsection (1) does not apply in relation to the licensee unless and until the licensee receives money that section 867 requires the licensee to pay into a trust account. (3) A person who contravenes subsection (1) is guilty of an offence. (4) A person who, with intent to defraud, contravenes subsection (1) is guilty of an offence.