95Deposits to be lodged by member organisations

##### 95 Deposits to be lodged by member organisations (1) Subject to this section, a member organisation of a stock exchange shall, in accordance with this Part, lodge and maintain a deposit with: (a) unless paragraph (b) applies—the stock exchange; or (b) if the member organisation is a member organisation of each of 2 or more stock exchanges—the nominated stock exchange. (2) Where: (a) a person who, or a partnership that, is a member organisation of at least one stock exchange becomes a member organisation of another stock exchange; or (b) a person or partnership ceases to be a member organisation of a particular stock exchange but remains a member organisation of each of 2 or more other stock exchanges; the person or partnership shall forthwith inform in writing each stock exchange of which he, she or it is a member organisation of the name of the stock exchange of that kind with which he, she or it proposes to lodge and maintain a deposit under this Part. (3) In subsection (1), nominated stock exchange, in relation to a member organisation of a stock exchange, means the stock exchange named in notices given by the member organisation in accordance with subsection (2) or, if notices have been so given on 2 or more occasions, in the most recent notices so given. (4) A deposit under this Part is payable out of money in a trust account kept by the person or partnership lodging and maintaining the deposit. (5) An amount paid from a trust account as, or as part of, a deposit lodged with a stock exchange under this Part continues to be money in that trust account notwithstanding that it is so lodged. (6) Where a person or partnership contravenes subsection (1) or (2), the person, or each partner in the partnership, as the case may be, is guilty of an offence. Penalty: $5,000 or imprisonment for 1 year, or both. (7) It is a defence to a prosecution for a contravention of subsection (1) if it is established that the contravention was attributable to the making of a payment out of the trust account kept by the person or partnership concerned, being a payment that: (a) paragraph 74(1)(a), (c), (d) or (e) authorised the person or partnership to make out of that trust account; and (b) the person or partnership would not have been able to make if the person or partnership had complied with subsection (1). (8) A person or partnership is not required to comply with this section unless he, she or it carries on: (a) in the Territory; or (b) both in the Territory and outside it, whether within Australia or not; a business of dealing in securities, whether or not that business is part of, or is carried on in conjunction with, any other business. (9) A member organisation of a stock exchange is not required to comply with this section if, and for so long only as, the member organisation: (a) is a member organisation of a body corporate that is a stock exchange for the purposes of a corresponding law of a participating State or participating Territory; and (b) complies with the provisions of a law of that State or Territory that correspond with this Part.