Corporations Act 2001

CHAPTER 2L - DEBENTURES  

PART 2L.1 - REQUIREMENT FOR TRUST DEED AND TRUSTEE  

SECTION 283AB   TRUST DEED  

283AB(1)   [ Requirements]  

The trust deed must provide that the following are held in trust by the trustee for the benefit of the debenture holders:

(a) the right to enforce the borrower's duty to repay;

(b) any charge or security for repayment;

(c) the right to enforce any other duties that the borrower and any guarantor have under:

(i) the terms of the debentures; or

(ii) the provisions of the trust deed or this Chapter.

Note: For information about the duties that the borrower and any guarantor body have under this Chapter, see sections 283BB to 283CE.

283AB(2)   [ Strict liability offence]  

An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .