Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW
- SECT 722

(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.