Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 722

Application money to be held on trust

(1) If a person offers securities for issue or sale under a disclosure document, the person must hold:

(a)
all application money received from people applying for securities under the disclosure document; and

(b)
all other money paid by them on account of the securities before they are issued or transferred;

in trust under this section for the applicants until:

(c)
the securities are issued or transferred; or

(d)
the money is returned to the applicants.

(2) If the application money needs to be returned to an applicant, the person must return the money as soon as practicable.



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