THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

SECTION 421   CONTROLLER'S DUTIES IN RELATION TO BANK ACCOUNTS AND FINANCIAL RECORDS  

421(1)  [Duties]  

A controller of property of a corporation must:

(a)  open and maintain an account, with an Australian ADI, bearing:

(i) the controller's own name; and

(ii) in the case of a receiver of the property - the title ``receiver''; and

(iii) otherwise - the title ``controller''; and

(iv) the corporation's name;

or 2 or more such accounts; and

(b)  within 3 business days after money of the corporation comes under the control of the controller, pay that money into such an account that the controller maintains; and

(c)  ensure that no such account that the controller maintains contains money other than money of the corporation that comes under the control of the controller; and

(d)  keep such financial records as correctly record and explain all transactions that the controller enters into as the controller.

421(2)  [Inspection of controller's records]  

Any director, creditor or member of a corporation may, unless the Court otherwise orders, personally or by an agent, inspect records kept by a controller of property of the corporation for the purposes of paragraph (1)(d).