CORPORATIONS LAW<br>- SECT 945<br> Payments into and out of development account<br>

Commonwealth Repealed Acts

This legislation has been repealed.

Payments into and out of development account

(1): Subject to this section, a participating exchange shall keep money paid to it under section 944 in a separate account designated as a securities industry development account.
(2): A participating exchange shall not make a payment out of a development account unless the payment is made:

(a): for a purpose in relation to which an approval is in force under subsection (3) in relation to the payment; or
(b): into the Fund.

(3): The Minister may approve in writing, in relation to payments to be made out of development accounts, purposes that are permitted purposes when the approval is given.
(4): An approval under subsection (3) may include conditions relating to the payments to which the approval relates.
(5): A participating exchange that makes, in contravention of subsection (2), a payment out of a development account shall pay into the account, from its general funds, an amount equal to the amount of the first-mentioned payment.
(6): A participating exchange that:

(a): makes as permitted by virtue of paragraph (2)(a) a payment out of a development account; and
(b): contravenes a condition that, when the payment was made, was included in an approval in force under subsection (3) in relation to the payment;

shall pay into the account, from its general funds, an amount equal to the amount of the first-mentioned payment.

permitted purpose means:

(a): a purpose relating to the development of the securities industry in Australia or in a part of Australia;
(b): a prescribed purpose; or
(c): without limiting the generality of paragraph (a) or (b), a purpose of reimbursing a person in respect of money that the person spent, before the relevant commencement, for a purpose of a kind referred to in paragraph (a) or (b).