CORPORATIONS ACT 2001 - SECT 982B Obligation to pay money into an account

CORPORATIONS ACT 2001 - SECT 982B

  (1)   The licensee must ensure that money to which this Subdivision applies is paid into an account that satisfies these requirements:

  (a)   the account is:

  (i)   with an Australian ADI; or

  (ii)   of a kind prescribed by regulations made for the purposes of this paragraph;

    and is designated as an account for the purposes of this section of this Act; and

  (b)   the only money paid into the account is:

  (i)   money to which this Subdivision applies (which may be money lent by several different persons); or

  (ii)   interest on the amount from time to time standing to the credit of the account.

The money must be paid into such an account on the day it is received by the licensee, or on the next business day.

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