Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

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

Note: This Part applies to CCIVs with modifications: see Division 3 of Part 8B.6 .

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

421(1)   [ Duties]  

A managing controller of property of a corporation must:

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

(i) the managing controller's own name; and

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

(iii) otherwise - the title ``managing 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 managing controller, pay that money into such an account that the managing controller maintains; and

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

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

421(2)   [ Inspection of managing 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 managing controller of property of the corporation for the purposes of paragraph (1)(d).