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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE    View history reference

Division 2 - Dealing with clients' money    View history reference

Subdivision A - Money other than loans    View history reference

SECTION 981B  OBLIGATION TO PAY MONEY INTO AN ACCOUNT  

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981B(1)  [Type of account and money]  


The licensee must ensure that money to which this Subdivision applies is paid into an account that satisfies these requirements:


(a) the account is:


(i) with an Australian ADI; or

(ii) of a kind prescribed by regulations made for the purposes of this paragraph;
and is designated as an account for the purposes of this section of this Act; and


(b) the only money paid into the account is:

(i) money to which this Subdivision applies (which may be money paid by, on behalf of, or for the benefit of, several different clients); or

(ii) interest on the amount from time to time standing to the credit of the account; or

(iii) interest, or other similar payments, on an investment made in accordance with regulations referred to in section 981C, or the proceeds of the realisation of such an investment; or

(iv) other money permitted to be paid into the account by the regulations; and
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(c) if regulations made for the purposes of this paragraph impose additional requirements - the requirements so imposed by the regulations; and


(d) if the licence conditions of the licensee's licence impose additional requirements - the requirements so imposed by the licence conditions.

The money must be paid into such an account on the day it is received by the licensee, or on the next business day.

981B(2)  [Number of accounts]  


The licensee may, for the purposes of this section, maintain a single account or 2 or more accounts.


 



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