Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p19
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 19/110)
Character Range: 201086–204074

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 else who is in possession, or has control, of property of the corporation for the purpose of enforcing a charge;

         the following:

             (iii) the amount (if any) owing under that instrument or charge:

                 (A)    in the case of an account lodged under subparagraph (1)(a)(i)—at the end of the control day and at the end of the period to which the account relates; or

                 (B)     otherwise—at the end of the period to which the account relates;

             (iv) the controller's estimate of the total value, at the end of the period to which the account relates, of the property of the corporation that is subject to the instrument or charge.";

    (b)    by omitting from subsection (2) "receiver shall" and substituting "controller must";

    (c)     by omitting from subsection (4) everything after "incurred by the" and substituting "controller as mentioned in subsection 419(1) and, where such an order is made, the controller is liable accordingly.".

Enforcing controller's duty to make returns

  54. Section 434 of the Corporations Law is amended:

    (a)     by omitting from subsection (1) "receiver" (wherever occurring) and substituting "controller";

    (b)    by omitting from paragraph (1)(b) "been appointed under a power contained in an instrument" and substituting "become a controller of property of the corporation otherwise than by being appointed a receiver of such property by a court and who";

    (c)     by omitting from paragraph (1)(b) "receiver's" and substituting "controller's".

55. After section 434 of the Corporations Law the following sections are inserted in Part 5.2:

   Court may remove controller for misconduct

   "434A. Where, on the application of a corporation, the Court is satisfied that a controller of property of the corporation has been guilty of misconduct in connection with performing or exercising any of the controller's functions and powers, the Court may order that, on and after a specified day, the controller cease to act as receiver or give up possession or control, as the case requires, of property of the corporation.

   Court may remove redundant controller

   "434B.(1) The Court may order that, on and after a specified day, a controller of property of a corporation:

        (a)     cease to act as receiver, or give up possession or control, as the case requires, of property of the corporation; or

        (b)     act as receiver, or continue in possession or control, as the case requires, only of specified property of the corporation.

   "(2) However, the Court may only make an order under subsection (1) if satisfied that the objectives for which the controller was