(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).