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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

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

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

421(1)  [Duties]  

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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
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(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
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(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
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(d) keep such financial records as correctly record and explain all transactions that the managing controller enters into as the managing controller.
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421(2)  [Inspection of managing controller's records]  

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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).


 



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