Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p17
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 17/110)
Character Range: 195631–198569

days after so ceasing, cause notice that the person has so ceased to be published in the Gazette.".

Statement that receiver appointed or other controller acting

49. Section 428 of the Corporations Law is amended by adding at the end the following subsection:

"(2) Where there is a controller (other than a receiver) of property (whether within Australia or elsewhere) of a corporation, the corporation must set out, in every public document, and in every eligible negotiable instrument, of the corporation, after the corporation's name where it first appears, a statement that a controller is acting.".

Officers to report to controller about corporation's affairs

  50. Section 429 of the Corporations Law is amended:

    (a)     by omitting from subsection (1) "receiver has been appointed, means a person who is" and substituting "person is controller, means a person who was";

    (b)    by omitting from subsections (1) and (2) "day of the appointment" and substituting "control day";

  (c)     by omitting from subsection (2) everything before paragraph (a) and substituting "Where a person becomes a controller of property of a corporation:";

  (d)    by omitting from paragraphs (2)(a), (b) and (c) "receiver" (wherever occurring) and substituting "person";

  (e)     by omitting from paragraph (2)(a) "of the appointment" and substituting "that the person is a controller of property of the corporation";

  (f) by omitting subparagraph (2)(c)(iii) and substituting the following subparagraph:

    "(iii) if the person became a controller of the property:

            (A)    because of an appointment as receiver of the property that was made by or on behalf of the holder of debentures of the corporation; or

            (B)    by entering into possession, or taking control, of the property for the purpose of enforcing a charge securing such debentures;

       and there are trustees for the holders of those debentures—send to those trustees a copy of the report and a copy of the notice lodged under subparagraph (i).";

  (g) by omitting from subsections (3) and (4) "receiver" (wherever occurring) and substituting "controller";

   (h) by omitting subsection (6) and substituting the following subsections:

   "(6) Subsections (2), (3) and (4) do not apply in a case where a person becomes a controller of property of a corporation:

      (a)     to act with an existing controller of property of the corporation; or

      (b)     in place of a controller of such property who has died or ceased to be a controller of such property.

  "(6A) However, if subsection (2) applies in a case where a controller of property of a corporation dies, or ceases 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;