THE CORPORATIONS LAW

CHAPTER 2L - DEBENTURES

PART 2L.2 - DUTIES OF BORROWER

SECTION 260GE   DUTY TO INFORM TRUSTEE ABOUT CHARGES  

260GE     If the borrower creates a charge, it must:

(a)  give the trustee written details of the charge within 21 days after it is created; and

(b)  if the total amount to be advanced on the security of the charge is indeterminate and the advances are not merged in a current account with bankers, trade creditors or anyone else - give the trustee written details of the amount of each advance within 7 days after it is made.

Note:

If the advances are merged in a current account the borrower must give the trustee the details in the quarterly report (see subsection 260GF(4)).