Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 421

Managing controller's duties in relation to bank accounts and financial records

             (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).



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