(1) A controller of property of a corporation must:

(a)

open and maintain an account, with an Australian ADI, bearing:

(i)

the controller's own name; and

(ii)

in the case of a receiver of the property—the title "receiver"; and

(iii)

otherwise—the title "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 controller, pay that money into such an account that the controller maintains; and

(c)

ensure that no such account that the controller maintains contains money other than money of the corporation that comes under the control of the controller; and

(d)

keep such financial records as correctly record and explain all transactions that the controller enters into as the 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 controller of property of the corporation for the purposes of paragraph (1)(d).