Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 421

  (1)   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.

  (2)   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).