Corporations Act 2001
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Division 3 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
For legislative instruments or class orders before 1 January 2022 that affect the application of Division 3, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Note: This Division applies to sub-funds of retail CCIVs in a modified form: see section 1232G .
CCH Note: Section 313 is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
Auditor to give trustee for debenture holders copies of reports, certificates etc.
313(1)
The auditor of a borrower in relation to debentures must give the trustee for debenture holders:
(a) a copy of any report, certificate or other document that the auditor must give the borrower or its members under this Act, the debentures or the trust deed; and
(b) a copy of any document that accompanies it.
The copies must be given within 7 days after the auditor gives the originals to the borrower or its members.
Auditor to report on matters prejudicial to debenture holders ' interests
313(2)
The auditor of a borrower, or guarantor, in relation to debentures must give the borrower or guarantor a written report about any matter that:
(a) the auditor became aware of in conducting the audit or review; and
(b) in the auditor ' s opinion, is or is likely to be prejudicial to the interests of debenture holders; and
(c) in the auditor ' s opinion, is relevant to the exercise of the powers of the trustee for debenture holders, or the performance of the trustee ' s duties, under this Act or the trust deed.
The auditor must give a copy of the report to the trustee for debenture holders. The report and the copy must be given within 7 days after the auditor becomes aware of the matter.
313(3)
An offence based on subsection (1) or (2) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
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