VICIn ForceAct
Co-operatives National Law Application Act 2013
340Application money to be held on trust (cf Corporations Act s 722)
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340 Application money to be held on trust (cf Corporations Act s 722)
(1) If a person offers debentures for issue under a disclosure statement, the person must hold:
(a) all application money received from people applying for debentures under the disclosure statement; and
(b) all other money paid by them on account of the debentures before they are issued;
in trust under this section for the applicants until:
(c) the debentures are issued; or
(d) the money is returned to the applicants.
(2) If the application money needs to be returned to an applicant, the person must return the money as soon as practicable.