Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p15
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 15/110)
Character Range: 190329–193311

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 the instrument under which, the receiver was appointed; or

             (ii) otherwise—an instrument under which the controller entered into possession, or took control, of that property; or

           (iii) in any case—the Court; or
           (iv) in any case—this Law, the regulations or the rules;

              or

       (b) a person complains to the Court or to the Commission about an act or omission of a controller of property of a corporation in connection with performing or exercising any of the controller's functions and powers;";

     (b)    by omitting from subsection (2) "the receiver and the Court may order the receiver" and substituting "a controller of property of a corporation and the Court may order the controller";

     (c)     by omitting subsection (3) and substituting the following subsection:

      "(3) The Court may at any time:

         (a)     require a controller of property of a corporation to answer questions about the performance or exercise of any of the controller's functions and powers as controller; or

         (b)     examine a person about the performance or exercise by such a controller of any of the controller's functions and powers as controller; or

         (c)     direct an investigation to be made of such a controller's books.".

45. Section 424 of the Corporations Law is repealed and the following section is substituted:

Controller may apply to Court

"424.(1) A controller of property of a corporation may apply to the Court for directions in relation to any matter arising in connection with the performance or exercise of any of the controller's functions and powers as controller.

"(2) In the case of a receiver of property of a corporation, subsection (1) applies only if the receiver was appointed under a power contained in an instrument.".

Court's power to fix receiver's remuneration

  46. Section 425 of the Corporations Law is amended:

    (a)     by omitting from subsection (1) everything before "by order" and substituting "The Court may";

    (b)    by omitting from subsection (1) "the corporation" and substituting "a corporation";

    (c)     by omitting subsection (4) and substituting the following subsections:

     "(4) The Court may from time to time vary or amend an order under this section.

     "(5) An order under this section may be made, varied or amended on the application of:

      (a)     a liquidator of the corporation; or

      (b)     an administrator of the corporation; or

        (c)     an administrator of a deed of company arrangement executed by the corporation; or

      (d)     the Commission.

     "(6) An order under this section may be varied or amended on the application of the receiver