Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 867

What is to be paid into dealer's trust account

(1) 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; or
(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.

(2) 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.

(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.



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