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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 945
Payments into and out of development account
(1) Subject to this section, a participating exchange must keep money paid to
it under section 944 in a separate account designated as a securities
industry development account.
(2) A participating exchange must not make a payment out of a development
account unless the payment is made:
- for a purpose in relation to which
an approval is in force under subsection (3) in relation to the payment;
- into the Fund.
(3) The Minister may approve in writing, in relation to payments to be made
out of development accounts, purposes that are permitted purposes when the
approval is given.
(4) An approval under subsection (3) may include conditions relating to
the payments to which the approval relates.
(5) A participating exchange that makes, in contravention of
subsection (2), a payment out of a development account must pay into the
account, from its general funds, an amount equal to the amount of the
(6) A participating exchange that:
- makes as permitted by virtue of
paragraph (2)(a) a payment out of a development account; and
- contravenes a condition that, when the payment was made, was included in
an approval in force under subsection (3) in relation to the payment;
must pay into the account, from its general funds, an amount equal to the
amount of the first-mentioned payment.
(7) In this section:
"permitted purpose" means:
- a purpose relating to the development of the securities industry in
Australia or in a part of Australia; or
- a prescribed purpose; or
- without limiting the generality of paragraph (a) or (b), a purpose of
reimbursing a person in respect of money that the person spent, before the
relevant commencement, for a purpose of a kind referred to in
paragraph (a) or (b).
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