62
CAP. 333]
Securities
[1989 Ed.
paid to that person or in accordance with his directions within 4 bank trading days after their receipt;
(b) all amounts (less any brokerage and other proper charges) which are received from or on account of any person (other than a stockbroker) for the purchase of securities, except those amounts attributable to the purchase of securities which are delivered to the dealer within 4 bank trading days after receipt of the amounts; and (c) subject to any agreement to the contrary, all amounts derived by way of interest from the retention in a trust account of any amount mentioned in paragraph (a) or (b).
(2) All amounts required to be paid into a trust account under subsection (1) shall be retained there by the dealer until they are paid to the person on whose behalf they are being held or in accordance with his directions or, as the case may be, until they are required to complete payment in respect of the purchase of securities on behalf of any such person.
(3) Money required by this section to be paid into a trust account shall be so paid within 4 bank trading days after it is received by the dealer.
(4) All sums derived by way of interest from the payment of money by a dealer into a trust account under this section shall, subject to any agreement to the contrary, belong to the person to whom the dealer is accountable.
(5) No amount other than an amount referred to in subsection (1)(a) or (b) shall be paid into a trust account.
(6) Every dealer shall keep records of-
(a) all amounts paid into a trust account kept by him, specifying the persons on whose behalf the amounts are held and the dates on which they were paid into the account;
(b) all withdrawals from the trust account, the dates of those withdrawals, and the names of the persons on whose behalf the withdrawals are made; and
(c) such other particulars (if any) as may be prescribed by regulations.
(7) A person who-
(a) without reasonable excuse, contravenes any provision of this section shall be guilty of an offence and shall be liable on conviction to a fine of $10,000; or
(b) with intent to defraud, contravenes any provision of this section shall be guilty of an offence and shall be liable on conviction on indictment to a fine of $50,000 and to imprisonment for 5 years.
85. Money in trust account not available for payment of debts, etc.
(1) Except as otherwise provided in this Part, money held in a trust account shall not be available for payment of the debts of a dealer or be liable
62
CAP. 333]
Securities
[1989 Ed.
paid to that person or in accordance with his directions within 4 bank trading days after their receipt;
(b) all amounts (less any brokerage and other proper charges) which are received from or on account of any person (other than a stockbroker) for the purchase of securities, except those amounts attributable to the purchase of securities which are delivered to the dealer within 4 bank trading days after receipt of the amounts; and (c) subject to any agreement to the contrary, all amounts derived by way of interest from the retention in a trust account of any amount mentioned in paragraph (a) or (b).
(2) All amounts required to be paid into a trust account under subsec- tion (1) shall be retained there by the dealer until they are paid to the person on whose behalf they are being held or in accordance with his directions or, as the case may be, until they are required to complete payment in respect of the purchase of securities on behalf of any such person.
(3) Money required by this section to be paid into a trust account shall be so paid within 4 bank trading days after it is received by the dealer.
(4) All sums derived by way of interest from the payment of money by a dealer into a trust account under this section shall, subject to any agreement to the contrary, belong to the person to whom the dealer is accountable.
(5) No amount other than an amount referred to in subsection (1)(a) or (b) shall be paid into a trust account.
(6) Every dealer shall keep records of-
(a) all amounts paid into a trust account kept by him, specifying the persons on whose behalf the amounts are held and the dates on which they were paid into the account;
(b) all withdrawals from the trust account, the dates of those withdrawals, and the names of the persons on whose behalf the withdrawals are made; and
(c) such other particulars (if any) as may be prescribed by
regulations.
(7) A person who-
(a) without reasonable excuse, contravenes any provision of this section shall be guilty of an offence and shall be liable on conviction to a fine of $10,000; or
(b) with intent to defraud, contravenes any provision of this section shall be guilty of an offence and shall be liable on conviction on indictment to a fine of $50,000 and to imprisonment for 5 years.
85. Money in trust account not available
for payment of debts, etc.
(1) Except as otherwise provided in this Part, money held in a trust account shall not be available for payment of the debts of a dealer or be liable
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