122GCPayments into and out of development account

##### 122GC Payments into and out of development account (1) Subject to this section, a participating exchange shall keep money paid to it under section 122GB in a separate account designated as a securities industry development account. (2) A participating exchange shall not make a payment out of a development account unless the payment is made: (a) for a purpose in relation to which an approval is in force under subsection (3) in relation to the payment; or (b) into the Fund. (3) The Ministerial Council may approve in writing, in relation to payments to be made out of development accounts, purposes relating to the development of the securities industry. (4) Without limiting the generality of subsection (3), the purpose of reimbursing a person in respect of money that the person spent, before the relevant commencement, for a purpose relating to the development of the securities industry shall be taken, for the purposes of that subsection, to be a purpose relating to the development of the securities industry. (5) An approval under subsection (3) may include conditions relating to the payments to which the approval relates. (6) A participating exchange that makes, in contravention of subsection (2), a payment out of a development account shall pay into the account, from its general funds, an amount equal to the amount of the first‑mentioned payment. (7) A participating exchange that: (a) makes as permitted by virtue of paragraph (2)(a) a payment out of a development account; and (b) contravenes a condition that, when the payment was made, was included in an approval in force under subsection (3) in relation to the payment; shall pay into the account, from its general funds, an amount equal to the amount of the first‑mentioned payment. (8) In this section, securities industry means the securities industry in Australia or in a part of Australia.