Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW
- SECT 890

(1)

The deposit to be lodged and kept for the purposes of section 889 shall be an amount equal to two-thirds (or, where a lesser proportion is prescribed, that proportion) of:

(a)

if the licensee or partnership, as the case may be, keeps 2 or more trust accounts—the lowest aggregate of the balances in those trust accounts; or

(b)

otherwise—the lowest balance in the trust account of the licensee or partnership;

during the 3 months ending on the quarter day last past.

(2)

A deposit need not be lodged or kept for the purposes of this Part if, but for this subsection, the amount of the deposit would be less than $3,000.

(3)

If, because of subsection (1), the amount of a deposit to be lodged and kept with a stock exchange increases, the licensee or partnership, as the case may be, shall so lodge the amount of the increase within 5 trading days of that stock exchange after the relevant quarter day that is the last day of the period by reference to which the amount required to be so lodged is calculated.