Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p18
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 18/110)
Character Range: 198315–201376

to be a controller of property of the corporation, before subsection (2) is fully complied with, then:

      (a)     the references in paragraphs (2)(b) and (c) to the person; and

    (b)     the references in subsections (3) and (4) to the controller;

  include references to the controller's successor and to any continuing controller.";

  (i) by omitting from subsection (7) "and section 430 apply even if the receiver" and substituting "(including subsection (6A)) and section 430 apply even if the controller".

Controller may require reports

  51. Section 430 of the Corporations Law is amended:

    (a)     by omitting from subsections (1), (3) and (5) "receiver" (wherever occurring) and substituting "controller";

    (b)    by omitting from paragraphs (1)(b), (c) and (d) "date of the receiver's appointment" and substituting "control day";

    (c)     by omitting subsection (2) and substituting the following subsection:

     "(2) Without limiting the generality of subsection (1), a notice under that subsection may specify the information that the controller requires as to affairs of the corporation by reference to information that this Law requires to be included in any other report, statement or notice under this Law.";

    (d) by omitting from subsections (3) and (5) "receiver's" (wherever occurring) and substituting "controller's".

Controller may inspect books

52. Section 431 of the Corporations Law is amended by omitting "receiver" (twice occurring) and substituting "controller".

Lodging controller's accounts

  53. Section 432 of the Corporations Law is amended:

    (a) by omitting subsection (1) and substituting the following subsections:

     "(1) A controller of property of a corporation must lodge an account:

       (a) within one month after the end of:

             (i) 6 months, or such shorter period as the controller determines, after the day when the controller became a controller of property of the corporation; and

              (ii) each subsequent period of 6 months throughout which the controller is a controller of property of the corporation; and

         (b) within one month after the controller ceases to be a controller of property of the corporation.

       "(1A) An account must be in the prescribed form and show: (a) the controller's receipts and payments during:

             (i) in the case of an account under paragraph (1)(a)— the 6 months or shorter period, as the case requires; or

              (ii) in the case of an account under paragraph (1)(b)— the period beginning at the end of the period to which the last account related, or on the control

             day, as the case requires, and ending on the day when the controller so ceased; and

        (b)     except in the case of an account lodged under subparagraph (1)(a)(i)—the respective aggregates of the controller's receipts and payments since the control day; and

      (c)     in the case of:

             (i) a receiver appointed under a power contained in an instrument; or

             (ii) anyone