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CORPORATIONS ACT 2001 - SECT 1021O Offences of issuer or seller of financial product failing to pay money into an account as required

CORPORATIONS ACT 2001 - SECT 1021O

Offences of issuer or seller of financial product failing to pay money into an account as required

Strict liability offence

  (1)   An issuer or seller of financial products commits an offence if:

  (a)   the issuer or seller is required by subsection   1017E(2) to pay particular money into an account in accordance with that subsection; and

  (b)   the issuer or seller does not pay the money into an account in accordance with that subsection.

  (2)   An offence based on subsection   (1) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .

Ordinary offence

  (3)   An issuer or seller of financial products commits an offence if:

  (a)   the issuer or seller is required by subsection   1017E(2) to pay particular money into an account in accordance with that subsection; and

  (b)   the issuer or seller does not pay the money into an account in accordance with that subsection.

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