(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:

(a)

for a purpose in relation to which an approval is in force under subsection (3) in relation to the payment; or

(b)

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 first-mentioned payment. (6) A participating exchange that:

(a)

makes as permitted by virtue of paragraph (2)(a) a payment out of a development account; and

(b)

contravenes a condition that, when the payment was made, was included in an approval in force under subsection (3) in relation to the payment;