Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 283CC

Duty to inform trustee about charges

If the guarantor 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, give the trustee written details of:

the amount of each advance made within 7 days after it is made; or
where the advances are merged in a current account with bankers, trade creditors or anyone else—the net amount outstanding on the advances at the end of every 3 months.

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