Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 890

890. (1) It is a condition of a licence that the deposit to be lodged and kept
for the purposes of a condition of the licence existing by virtue of
section 889 shall be an amount equal to two-thirds (or, where a lesser
proportion is prescribed, that proportion) of:

   (a)  if the licensee or partnership, as the case may be, keeps 2 or more
        trust accounts-the lowest aggregate of the balances in those trust
        accounts; or

   (b)  otherwise-the lowest balance in the trust account of the licensee or
        partnership; during the 3 months ending on the quarter day last past.

(2) A deposit need not be lodged or kept for the purposes of a condition
existing by virtue of this Part if, but for this subsection, the amount of the
deposit would be less than $3,000.

(3) It is a condition of a licence that, if by virtue of a condition of the
licence existing by virtue of subsection (1) the amount of a deposit to be
lodged and kept with a stock exchange increases, the licensee or partnership,
as the case may be, shall so lodge the amount of the increase within 5 trading
days of that stock exchange after the relevant quarter day that is the last
day of the period by reference to which the amount required to be so lodged is
calculated.