Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1043

1043. (1) Where, whether before or after the commencement of this Part,
securities of a corporation have been offered for subscription or purchase or
invitations have been issued to subscribe for or buy securities of a
corporation, all application money and other money paid, whether before or
after that commencement, by an applicant on account of the securities before
they are allotted or issued shall, until they are allotted or issued, be held
by the corporation in trust for the applicant in a bank account established
and kept by the corporation solely for the purpose of depositing application
money and other money paid by applicants for those securities.

(2) A bank with which any such money has been deposited does not have any duty
to inquire into or see to the proper application of the money so long as the
bank acts in good faith.