THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS

SECTION 421A   MANAGING CONTROLLER TO REPORT WITHIN 2 MONTHS ABOUT CORPORATION'S AFFAIRS  

421A(1)  [Report to be made up within 30 days]  

A managing controller of property of a corporation must prepare a report about the corporation's affairs that is in the prescribed form and is made up to a day not later than 30 days before the day when it is prepared.

421A(2)  [Report must be lodged within 2 months of control day]  

The managing controller must prepare and lodge the report within 2 months after the control day.

421A(3)  [Publication of notice]  

As soon as practicable, and in any event within 14 days, after lodging the report, the managing controller must cause to be published in a national newspaper, or in each jurisdiction in a daily newspaper that circulates generally in that jurisdiction, a notice stating:

(a)  that the report has been prepared; and

(b)  that a person can, on paying the prescribed fee, inspect the report at specified offices of the Commission.

421A(4)  [Prejudicial information excluded]  

If, in the managing controller's opinion, it would seriously prejudice:

(a)  the corporation's interests; or

(b)  the achievement of the objectives for which the controller was appointed, or entered into possession or assumed control of property of the corporation, as the case requires;

if particular information that the controller would otherwise include in the report were made available to the public, the controller need not include the information in the report.

421A(5)  [Summary of excluded information]  

If the managing controller omits information from the report as permitted by subsection (4), the controller must include instead a notice:

(a)  stating that certain information has been omitted from the report; and

(b)  summarising what the information is about, but without disclosing the information itself.