Commonwealth Repealed Acts

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This legislation has been repealed.

CORPORATIONS LAW
- SECT 889

Deposits to be lodged by member organisations
(1)
This section applies where a licensee is, or is a partner in a partnership that is, a member organisation of a stock exchange.

(2)
Subject to this section, the licensee or partnership, as the case may be, shall, as provided in this section, lodge and keep a deposit with:

(a)
if the licensee or partnership is a member organisation of each of 2 or more stock exchanges—the nominated stock exchange; or
(b)
otherwise—the stock exchange referred to in subsection (1).
(3)
If:

(a)
while the licensee or partnership, as the case may be, is a member organisation of at least one stock exchange, he, she or it becomes a member organisation of another stock exchange; or
(b)
the licensee or partnership ceases to be a member organisation of a particular stock exchange but remains a member organisation of each of 2 or more other stock exchanges;

the licensee or partnership shall as soon as practicable inform in writing each stock exchange of which he, she or it is a member organisation of the name of the stock exchange with which he, she or it proposes to lodge and keep a deposit.

(4)
In subsection (2):

nominated stock exchange means the stock exchange named in notices given as required by subsection (3) or, if notices have been so given on 2 or more occasions, in the most recent notices so given.

(5)
The deposit is payable out of money in a trust account of the licensee or partnership, as the case may be.

(6)
An amount paid from such a trust account as, or as part of, the deposit continues to be money in the trust account even though it has been lodged with a stock exchange.

(7)
A contravention of subsection (2) shall be disregarded if it was attributable to the making, out of a trust account of the licensee or partnership, as the case may be, of a payment that:

(a)
paragraph 869(1)(a), (c), (d) or (e) authorised the licensee or partnership to make out of that trust account; and
(b)
the licensee or partnership was unable to make without committing the contravention.

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