Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 1224

(1)

Where the Court is satisfied that:

(a)

there are reasonable grounds for believing that:

(i)

there is a deficiency in an account that is, or has at any time been, a clients' segregated account of a person; and

(ii)

the person was, when the deficiency occurred, a futures broker or a member of a futures organisation;

(b)

there has been, at a time when a person was a futures broker or a member of a futures organisation, undue delay, or unreasonable refusal, on the person's part in paying, applying or accounting for money as required by this Chapter or a corresponding previous law;

(c)

a person has, at a time when the person was a futures broker or a member of a futures organisation, failed to pay money into a clients' segregated account of the person as required by this Chapter or a corresponding previous law; or

(d)

a person who is, or has at any time been, a futures broker or a member of a futures organisation, is carrying on, or last carried on, as the case requires, a futures broking business otherwise than in partnership and:

(i)

in any case—the last futures brokers licence held by the person has been revoked or suspended; or

(ii)

in any case—the person no longer carries on a futures broking business; or

(iii)

if the person is a natural person—the person has died, or is incapable, because of physical or mental incapacity, of managing his or her affairs;

the Court may by order restrain dealings in respect of specified bank accounts that the person holds or maintains (whether in Australia or elsewhere), subject to such terms and conditions as the Court imposes.

(2)

An order under subsection (1) may only be made on an application by the Commission or by the futures organisation (if any) concerned.

(4)

Where an application is made to the Court for an order under subsection (1), the Court may, if in the opinion of the Court it is desirable to do so, before considering the application, grant an interim order, being an order of the kind applied for that is expressed to have effect pending the determination of the application.

(5)

Where the Commission makes an application to the Court for the making of an order under subsection (1), the Court shall not require the Commission, as a condition of granting an interim order under subsection (4), to give any undertaking as to damages.