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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 889
Deposits to be lodged by member organisations
(1) This section applies where a licensee is, or is a partner in a partnership
that is, a member organisation of a stock exchange.
(2) Subject to this section, the licensee or partnership, as the case may be,
must, as provided in this section, lodge and keep a deposit with:
- if the
licensee or partnership is a member organisation of each of 2 or more
stock exchangesthe nominated stock exchange; or
- otherwisethe stock exchange referred to in subsection (1).
- while the licensee or partnership, as the case may be, is a
member organisation of at least one stock exchange, he, she or it becomes a
member organisation of another stock exchange; or
- the licensee or partnership ceases to be a member organisation of a
particular stock exchange but remains a member organisation of each of 2 or
more other stock exchanges;
the licensee or partnership must as soon as practicable inform in writing each
stock exchange of which he, she or it is a member organisation of the name of
the stock exchange with which he, she or it proposes to lodge and keep a
(4) In subsection (2):
"nominated stock exchange" means the stock exchange named in notices given as
required by subsection (3) or, if notices have been so given on 2 or more
occasions, in the most recent notices so given.
(5) The deposit is payable out of money in a trust account of the licensee or
partnership, as the case may be.
(6) An amount paid from such a trust account as, or as part of, the deposit
continues to be money in the trust account even though it has been lodged with
a stock exchange.
(7) A contravention of subsection (2) is to be disregarded if it was
attributable to the making, out of a trust account of the licensee or
partnership, as the case may be, of a payment that:
- paragraph 869(1)(a),
(c), (d) or (e) authorised the licensee or partnership to make out of that
trust account; and
- the licensee or partnership was unable to make without committing the
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