Document ID: chunk:federal_register_of_legislation:C2025C00185:section:421
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 421
Character Range: 1447173–1448389

421  Managing controller's duties in relation to bank accounts and financial records
 (1) A managing controller of property of a corporation must:
 (a) open and maintain an account, with an Australian ADI, bearing:
 (i) the managing controller's own name; and
 (ii) in the case of a receiver of the property—the title "receiver"; and
 (iii) otherwise—the title "managing controller"; and
 (iv) the corporation's name;
  or 2 or more such accounts; and
 (b) within 3 business days after money of the corporation comes under the control of the managing controller, pay that money into such an account that the managing controller maintains; and
 (c) ensure that no such account that the managing controller maintains contains money other than money of the corporation that comes under the control of the managing controller; and
 (d) keep such financial records as correctly record and explain all transactions that the managing controller enters into as the managing controller.
 (2) Any director, creditor or member of a corporation may, unless the Court otherwise orders, personally or by an agent, inspect records kept by a managing controller of property of the corporation for the purposes of paragraph (1)(d).