CORPORATIONS ACT 2001
|PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS
|Division 65 - Funds handling
Securities must be deposited with administration account bank
An external administrator of a company must deposit in a bank:
(a) the negotiable instruments; and
(b) any other securities;
payable to the company or the external administrator as soon as practicable after they are received by the external administrator.
If the Court gives a direction that is inconsistent with subsection (1), that subsection does not apply to the extent of the inconsistency.
A person commits an offence of strict liability if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person fails to comply with the requirement.
Penalty: 5 penalty units.
Note: A defendant bears an evidential burden in relation to the matter in subsection (2) (see subsection 13.3(3) of the Criminal Code).
Delivery of securities
The negotiable instruments or other security must be delivered out on the signed request of the external administrator.