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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 283BE
Duty to inform trustee about charges
If the borrower creates a charge, it must:
- give the trustee written
details of the charge within 21 days after it is created; and
- if the total amount to be advanced on the security of the charge is
indeterminate and the advances are not merged in a current account with
bankers, trade creditors or anyone elsegive the trustee written details
of the amount of each advance within 7 days after it is made.
- Note: If the advances are merged in a current account the borrower must give
the trustee the details in the quarterly report (see subsection 283BF(4)).
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