CORPORATIONS ACT 2001 No. 50, 2001 - SECT 945 Payments into and out of development account
CORPORATIONS ACT 2001 No. 50, 2001 - SECT 945
Payments into and out of development account(1) Subject to this section, a participating exchange must keep money paid to it under section 944 in a separate account designated as a securities industry development account. (2) A participating exchange must not make a payment out of a development account unless the payment is made:
(3) The Minister may approve in writing, in relation to payments to be made out of development accounts, purposes that are permitted purposes when the approval is given. (4) An approval under subsection (3) may include conditions relating to the payments to which the approval relates. (5) A participating exchange that makes, in contravention of subsection (2), a payment out of a development account must pay into the account, from its general funds, an amount equal to the amount of the first-mentioned payment. (6) A participating exchange that:
(7) In this section:
- (a)
- a purpose relating to the development of the securities industry in Australia or in a part of Australia; or
- (b)
- a prescribed purpose; or
- (c)
- without limiting the generality of paragraph (a) or (b), a purpose of reimbursing a person in respect of money that the person spent, before the relevant commencement, for a purpose of a kind referred to in paragraph (a) or (b).