(1) A licensee must not withdraw money from a trust account except:
- (a)
- to
make a payment to, or in accordance with the written directions of, a person
entitled to the money; or
- (b)
- to make a payment under section 889 to a stock exchange; or
- (c)
- to defray brokerage or any other proper charge; or
- (d)
- to pay to the licensee money to which the licensee is entitled, being
money that was paid into the trust account but need not have been so paid; or
- (e)
- to make a payment that is otherwise authorised by any law of the
Commonwealth or any law of a State or Territory in this jurisdiction.
(2) Nothing in this Part affects a lawful claim or lien that a person:
- (a)
- has against or on money held in a trust account of a person; or
- (b)
- has, before money received for the purchase of securities or from the sale
of securities is paid into a trust account of a person, against or on that
money.
(3) A person who contravenes subsection (1) is guilty of an offence.
(4) A person who, with intent to defraud, contravenes subsection (1) is
guilty of an offence.