(1) Despite anything to the contrary in the Commercial Code, Title IX or the Companies Act, any funds delivered to a licensee by or on behalf of a customer, prior to the issue of any bankruptcy, winding-up or receivership order against that licensee shall be utilised by the licensee, receiver or liquidator solely to discharge the licensee's contractual obligations to the customer.
(2) Notwithstanding anything contained in the Commercial Code, Title IX or the Companies Act, if a licensee goes into bankruptcy, receivership or is wound up, any provision contained in a written agreement between the licensee and a customer is binding upon the liquidator, receiver or administrator in respect of any payment or settlement obligation.
(3) A licensee, receiver, administrator or liquidator who contravenes the provisions of subsection (1) commits an offence and is liable on summary conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.