Corporations Act 2001
View history note
Hide history noteIf the borrower creates a security interest, it must:
(a) give the trustee written details of the security interest within 21 days after it is created; and
(b) if the total amount to be advanced on the security of the security interest 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 283BF(4) ).
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