CTHRepealedAct
Securities Industry Act 1980
86Power of Court to make order relating to payment of moneys
Start here
Get a plain-English read of 86
Turn the raw legal text into a practical explanation grounded in Securities Industry Act 1980.
##### 86 Power of Court to make order relating to payment of moneys
(1) An order made under section 85 may include directions to the person to whom the moneys are paid directing that that person:
(a) shall cause the moneys to be paid into a separate trust account;
(b) is authorized to prepare a scheme for distributing the moneys to persons who claim, during a period of 6 months after the Commission or that other person receives the moneys, to be entitled to the moneys and satisfy the Commission or that other person that they are so entitled; or
(c) where the moneys received are insufficient to pay all proved claims, may, notwithstanding any rule of law or equity to the contrary, apportion the moneys among the claimants in proportion to their proved claims and show in the scheme how the moneys are so apportioned.
(2) Where a person prepares a scheme for a distribution of moneys pursuant to subsection (1), he shall apply to the Court for approval of the scheme and for directions in respect of it.
(3) The Court may give such directions as to the moneys held in a separate trust account pursuant to subsection (1), as to the persons to whom and in what amounts the whole or any portion of those moneys shall be paid, and as to the payment of the balance of the moneys (if any) remaining in the account, as the Court thinks fit.