Section 993B — Corporations Act 2001: Offence of failing to pay client money into an account as required
Text of the provision Official document
Strict liability offence (1) A financial services licensee commits an offence if: (a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that subsection; and (b) the licensee does not pay the money into an account in accordance with that subsection. (2) An offence based on subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. Ordinary offence (3) A financial services licensee commits an offence if: (a) the licensee is required by subsection 981B(1) to pay particular money into an account in accordance with that subsection; and (b) the licensee does not pay the money into an account in accordance with that subsection.
Official source: Federal Register of Legislation
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