Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_722
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 722
Character Range: 437638–438273

722  Application money to be held on trust

 (1) If a person offers securities for issue or sale under a disclosure document, the person must hold:
 (a) all application money received from people applying for securities under the disclosure document; and
 (b) all other money paid by them on account of the securities before they are issued or transferred;
in trust under this section for the applicants until:
 (c) the securities are issued or transferred; or
 (d) the money is returned to the applicants.

 (2) If the application money needs to be returned to an applicant, the person must return the money as soon as practicable.