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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

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

SECTION 428  STATEMENT THAT RECEIVER APPOINTED OR OTHER CONTROLLER ACTING  

Property of corporation

428(1)  

Where a receiver of property (whether in or outside this jurisdiction or in or outside Australia) of a corporation has been appointed, the corporation must set out, in every public document, and in every negotiable instrument, of the corporation, after the name of the corporation where it first appears, a statement that a receiver, or a receiver and manager, as the case requires, has been appointed.

428(2)  

Where there is a controller (other than a receiver) of property (whether in Australia or elsewhere) of a corporation, the corporation must set out, in every public document, and in every negotiable instrument, of the corporation, after the corporation's name where it first appears, a statement that a controller is acting.

428(2A)  

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However, if the only property of the corporation in respect of which a receiver has been appointed, or in respect of which there is a controller, is:


(a) scheme property of any registered schemes of which the corporation is the responsible entity; or


(b) property the corporation holds on trust, if the corporation:


(i) is a licensed trustee company; or

(ii) holds an Australian financial services licence that covers the provision of custodial or depository services;

subsections (1) and (2) apply only to documents or instruments that relate to the relevant registered schemes and trusts. The statement may refer to those schemes and trusts.

Scheme property

428(2B)  

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A corporation must set out in every public document, and in every negotiable instrument, of the corporation that relates to a registered scheme, after the name of the corporation where it first appears, a statement that a receiver, or a receiver and manager, as the case requires, has been appointed, if:


(a) the corporation is the responsible entity of the registered scheme; and


(b) a receiver of scheme property (whether in or outside this jurisdiction or in or outside Australia) of the registered scheme has been appointed; and


(c) the scheme property is not property of the corporation.

The statement may refer to the registered scheme.

428(2C)  

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A corporation must set out in every public document, and in every negotiable instrument, of the corporation that relates to a registered scheme, after the name of the corporation where it first appears, a statement that a controller is acting, if:


(a) the corporation is the responsible entity of the registered scheme; and


(b) there is a controller (other than a receiver) of scheme property (whether in Australia or elsewhere) of the registered scheme; and


(c) the scheme property is not property of the corporation.

The statement may refer to the registered scheme.

Offence

428(3)  

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An offence based on this section is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .


 



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