(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.