Section 1100ZE — Corporations Act 2001: Dealing with money received before ESS interest is issued

(1) If a person offers ESS interests for issue or sale to an ESS participant in connection with an employee share scheme, the person must hold: (a) all application money received from ESS participants applying for ESS interests in connection with the employee share scheme; and (b) all other money paid by them on account of the ESS interests before they are issued or transferred; in trust under this section for the ESS participants until: (c) the ESS interests are issued or transferred; or (d) the money is returned to the ESS participants. (2) If the application money needs to be returned to an ESS participant, the person must return the money as soon as practicable. (3) An offence based on subsection (1) or (2) is an offence of strict liability.