Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p106
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 106/212)
Character Range: 279521–282277

"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 of a debt or liability of the licensee.

"(2) Subject to this Part, money in a trust account of the holder of a licence (including a licence within the meaning of a law corresponding

SCHEDULE 1—continued

to this section) is not liable to be attached, or taken in execution, under the order or process of a court at the instance of a person suing in respect of such a debt or liability.".

Subsection 872 (1):

  Omit the subsection, substitute:

"(1) This section applies where a person (in this section called the 'client') lends money to a dealer in connection with a securities business carried on by the dealer.".

Subsections 873 (2), (3) and (4):

Omit "it is a condition of the licence that the dealer shall", substitute "the dealer must".

Subsection 873 (5):

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

Subsection 873 (6):

Omit "a condition existing by virtue of subsection (5), it is a condition of the licence that", substitute "subsection (5),".

Subparagraph 874 (1) (a) (ii):

  Omit the subparagraph, substitute:

"(ii) an account maintained by the person under subsection 872 (2); whether the account is maintained in this jurisdiction or elsewhere; or".

Paragraph 874 (1) (b):

  Insert "by this Part," after "provided for".

Subparagraph 874 (1) (c) (i):

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

Subsection 874 (3):

Omit "of the person", substitute "that the person holds or maintains in Australia (whether in this jurisdiction or not)".

Subsection 879 (1):

  Insert:

" 'securities' means securities of:

  (a) a public company; or

     (b) a body corporate or other person included in the official list of a securities exchange.".

SCHEDULE 1—continued

Subsection 880 (2):

  Omit the subsection.

Section 886:

  Omit "eligible".

Subsection 889 (2):

  Omit "it is a condition of the licence that".

Subsection 889 (3):

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

Subsection 889 (4):

Omit "provided for by the condition existing by virtue of", substitute "required by".

Subsection 889 (7):

  Omit "the condition existing by virtue of".

Subsection 890 (1):

Omit "It is a condition of a licence that the deposit to be lodged and kept for the purposes of a condition of the licence existing by virtue of", substitute "The deposit to be lodged and kept for the purposes of".

Subsection 890 (2):

  Omit "a condition existing by virtue of".

Subsection 890 (3):

Omit "It is a condition of a