Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p14
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 14/110)
Character Range: 187608–190585

otherwise—the title '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 controller, pay that money into such an account that the controller maintains; and

         (c)     ensure that no such account that the controller maintains contains money other than money of the corporation that comes under the control of the controller; and

         (d)     keep such accounting records as correctly record and explain all transactions that the controller enters into as the controller.";

    (b) by omitting from subsection (2) "receiver" and substituting "controller".

43. After section 421 of the Corporations Law the following section is inserted:

Managing controller to report within 2 months about corporation's affairs

"421A.(1) A managing controller of property of a corporation must prepare a report about the corporation's affairs that is in the prescribed form and is made up to a day not later than 30 days before the day when it is prepared.

"(2) The managing controller must prepare and lodge the report within 2 months after the control day.

"(3) As soon as practicable, and in any event within 14 days, after lodging the report, the managing controller must cause to be published in a national newspaper, or in each jurisdiction in a daily newspaper that circulates generally in that jurisdiction, a notice stating:

  (a)     that the report has been prepared; and

    (b)     that a person can, on paying the prescribed fee, inspect the report at specified offices of the Commission.

"(4) If, in the managing controller's opinion, it would seriously prejudice:

  (a)     the corporation's interests; or

    (b)     the achievement of the objectives for which the controller was appointed, or entered into possession or assumed control of property of the corporation, as the case requires;

if particular information that the controller would otherwise include in the report were made available to the public, the controller need not include the information in the report.

"(5) If the managing controller omits information from the report as permitted by subsection (4), the controller must include instead a notice:

    (a)     stating that certain information has been omitted from the report; and

    (b)     summarising what the information is about, but without disclosing the information itself.".

Supervision of controller

  44. Section 423 of the Corporations Law is amended:

     (a) by omitting paragraphs (1)(a) and (b) and substituting the following paragraphs:

         "(a) it appears to the Court or to the Commission that a controller of property of a corporation has not faithfully performed, or is not faithfully performing, the controller's functions or has not observed, or is not observing, a requirement of:

             (i) in the case of a receiver—the order by which, or