24. Accepting Deposits in breach of General Prohibition

Past version: effective from 20/10/2015 - 19/10/2015
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(1) This section applies to an agreement between a person (the "depositor") and another person (the "deposit-taker") made in the course of the carrying on by the deposit-taker of the Regulated Activity of Accepting Deposits in contravention of the General Prohibition.
(2) If the depositor is not entitled under the agreement to recover without delay any money deposited by him, he may apply to the Court for an order directing the deposit-taker to return the money to him.
(3) The Court need not make such an order if it is satisfied that it would not be just and equitable for the money deposited to be returned, having regard to whether the deposit-taker reasonably believed that he was not contravening the General Prohibition by making the agreement.