Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW
- SECT 867

(1)

A licensee must pay into a trust account:

(a)

money held by the licensee in trust for a client; and

(b)

without limiting the generality of paragraph (a), money received by the licensee from a client, other than:

(i)

money received in respect of brokerage or any other proper charge;

(ii)

money received in payment or part payment for securities delivered to the licensee before the money is received; or

(iii)

money in relation to which the licensee is required to comply with section 872.

(2)

Subsection (1) does not apply in relation to a payment order that:

(a)

is payable to, or to the order of, a specified person or bearer; and

(b)

the licensee receives from, or on behalf of, a client with express or implied instructions that it is to be delivered to the person to whom it is payable;

unless the payee in the payment order is the licensee, a partner of the licensee or a firm in which the licensee is a partner.

(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.