Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW
- SECT 869

(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;

(b)

to make a payment under section 889 to a stock exchange;

(c)

to defray brokerage or any other proper charge;

(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 of this or any other 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.