Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p105
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 105/212)
Character Range: 277043–279753

business of or in relation to a dealer who carries on business in partnership is a reference to such a book, security, trust account or business of or in relation to the partnership.

Application of Part

"865a. This Part (other than section 872) applies in relation to a licensee in relation to his, her or its securities business, whether carried on in this jurisdiction or elsewhere.".

Subsection 866 (1):

Omit "It is a condition of a licence that the licensee shall", substitute "A licensee must".

Subsection 866 (2):

Omit "a condition existing by virtue of section 867 provides for", substitute "section 867 requires".

Section 866:

  Add at the end:

  "(3) A person who contravenes subsection (1) is guilty of an offence.

"(4) A person who, with intent to defraud, contravenes subsection (1) is guilty of an offence.".

Subsection 867 (1):

Omit "It is a condition of a licence that the licensee shall", substitute "A licensee must".

Subsection 867 (2):

Omit "A licensee need not comply with a condition existing by virtue of subsection (1)", substitute "Subsection (1) does not apply".

Section 867:

  Add at the end:

  "(3) A person who contravenes subsection (1) is guilty of an offence.

"(4) A person who, with intent to defraud, contravenes subsection (1) is guilty of an offence.".

SCHEDULE 1—continued

Section 868:

  Repeal the section, substitute:

When money to be paid into trust account

"868. (1) Where section 867 requires a licensee to pay money into a trust account, the licensee must pay the money into a trust account on or before the next day after the licensee receives it on which it can be so paid.

  "(2) A person who contravenes subsection (1) is guilty of an offence.

"(3) A person who, with intent to defraud, contravenes subsection (1) is guilty of an offence.".

Subsection 869 (1):

Omit "It is a condition of a licence that the licensee shall", substitute "A licensee must".

Paragraph 869 (1) (e):

Omit "law", substitute "any law of the Commonwealth or of this or any other jurisdiction".

Subsection 869 (2):

  Omit "a condition existing by virtue of".

Section 869:

  Add at the end:

  "(3) A person who contravenes subsection (1) is guilty of an offence.

"(4) A person who, with intent to defraud, contravenes subsection (1) is guilty of an offence.".

Subsection 870 (2):

  Omit "a condition of the licence existing by virtue of".

Subsection 870 (3):

  Omit "It is a condition of a licence that, if", substitute "If".

Section 871:

  Repeal the section, substitute:

Trust money not available in respect of dealer's own debts

"871. (1) Subject to this Part, money in a trust account of the holder of a licence is not available for the payment