Commonwealth Numbered Regulations

1991 No. 281 CORPORATIONS REGULATIONS (AMENDMENT) - REG 13

  13.1   Subregulation 7.12.15 (2):
Add at the end:

"; (h) a covenant that if the management company gives application moneys to
the trustee or representative under the covenant set out in paragraph (6)
(ba), the trustee or representative will:

        (i)    hold the moneys in a trust account, on trust for the applicant,
               until the application form is received; and

        (ii)   if the management company advises the trustee or representative
               that the form has been received by the management company
               within 30 days after the moneys are received:

   (a)  apply the moneys as soon as practicable after being advised, but not
        later than the close of business on the next working day after being
        advised; and

   (b)  if the applicant, in writing, advises the management company that
        interest accrued while the moneys are held by the trustee or
        representative is to be treated as additional application moneys-treat
        the interest as additional application moneys; and

   (c)  if the applicant, in writing, advises the management company that
        interest accrued while the moneys are held by the trustee or
        representative is to be paid to the applicant-pay the interest to the
        applicant as soon as practicable; and

        (iii)  if the management company advises the trustee or representative
               that the form has not been received by the management company
               within 30 days after the moneys are received-return the moneys
               and interest to the applicant as soon as practicable.".
  13.2   Paragraph 7.12.15 (6) (b):
Omit the paragraph, substitute:

"(b) a covenant that the management company will, on receipt of application
moneys that are accompanied by a completed application form relating to a
current prospectus, pay to the trustee or representative the moneys as soon as
practicable after their receipt but not later than the close of business on
the next working day after the day of receipt;

   (ba) a covenant that the management company will, on receipt of application
        moneys that are not accompanied by a completed application form
        relating to a current prospectus and as soon as practicable return the
        moneys to the applicant or:

        (i)    attempt to obtain the form from the applicant; and

        (ii)   give the moneys to the trustee or representative specified in
               paragraph (b); and

        (iii)  if interest accrues while the moneys are held by the trustee or
               representative-ask the applicant, in writing, whether the
               applicant wants the interest to be dealt with as additional
               application moneys or to be paid to the applicant;

   (bb) a covenant that the management company will, in all prospectuses and
        other representations relating to the prescribed interests, direct
        that all cheques and other payment orders in respect of applications
        for prescribed interests be drawn in favour of the trustee or
        representative on account of the particular prescribed interest
        concerned;".