CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2L - DEBENTURES
History
Chapter 2L was inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 2L.2 - DUTIES OF BORROWER
History
Part 2L.2 was inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
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)).
History
S 260GE inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).