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CORPORATIONS ACT 2001 - SECT 993B

Offence of failing to pay client money into an account as required

Strict liability offence

  (1)   A financial services licensee commits an offence if:

  (a)   the licensee is required by subsection   981B(1) to pay particular money into an account in accordance with that subsection; and

  (b)   the licensee does not pay the money into an account in accordance with that subsection.

  (2)   An offence based on subsection   (1) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .

Ordinary offence

  (3)   A financial services licensee commits an offence if:

  (a)   the licensee is required by subsection   981B(1) to pay particular money into an account in accordance with that subsection; and

  (b)   the licensee does not pay the money into an account in accordance with that subsection.


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