Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1017e:p2
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1017E (pt 2/2)
Character Range: 614526–616444

taken to be held in trust and circumstances in which it is no longer taken to be held in trust).

 (3) The money must only be taken out of the account if:
 (a) it is taken out for the purpose of return to the person by whom it was paid; or
 (b) the product is issued or transferred to, or in accordance with the instructions of, that person; or
 (c) it is taken out for a purpose specified by regulations made for the purposes of this paragraph; or
 (d) it is taken out in a situation specified by regulations made for the purposes of this paragraph.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (4) The product provider must:
 (a) return the money; or
 (b) issue or transfer the product to, or in accordance with the instructions of, the person who paid the money; or
 (c) if the money is taken out:
 (i) for a purpose specified by regulations made for the purposes of paragraph (3)(c); or
 (ii) in a situation specified by regulations made for the purposes of paragraph (3)(d);
  do any action required, by regulations made for the purposes of this paragraph, after taking out that money;
either:
 (d) before the end of one month starting on the day on which the money was received; or
 (e) if it is not reasonably practicable to do so before the end of that month—by the end of such longer period as is reasonable in the circumstances.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (5) The product provider may, for the purposes of this section, maintain a single account or 2 or more accounts.

 (6) Nothing in this section, or in regulations made for the purposes of this section, makes the body (not being the product provider) that the account is with under paragraph (2)(a) subject to any liability merely because of a failure by the product provider to comply with any of the provisions of this section or those regulations.