Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 889

889. (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, it is a condition of the licence that the
licensee or partnership, as the case may be, shall, as provided in this
section, lodge and keep a deposit with:

   (a)  if the licensee or partnership is a member organisation of each of 2
        or more stock exchanges-the nominated stock exchange; or

   (b)  otherwise-the stock exchange referred to in subsection (1).

(3) It is a condition of the licence that, if:

   (a)  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

   (b)  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 shall 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 deposit.

(4) In subsection (2):

"nominated stock exchange" means the stock exchange named in notices given as
provided for by the condition existing by virtue of 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 the condition existing by virtue of subsection (2)
shall 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:

   (a)  paragraph 869 (1) (a), (c), (d) or (e) authorised the licensee or
        partnership to make out of that trust account; and

   (b)  the licensee or partnership was unable to make without committing the
        contravention.