59. Purposes for which money may be withdrawn from trust account
Feedback & supportA dealer who withdraws any moneys from a trust account except for the purpose of making a payment —
dealer
“dealer” means a person who carries on a business of dealing in securities as a body corporate whether or not he carries on any other business, but does not include an exempt dealer;
to the person entitled thereto;
defraying brokerage and other proper charges; or
that is otherwise authorised by law,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.
A dealer who with intent to defraud, withdraws money from a trust account shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 3 years or to both.
trust account
“trust account” means a trust account established under section 58 or 65;