Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 421

Controller's duties in relation to bank accounts and financial records

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

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

the controller's own name; and
in the case of a receiver of the property—the title "receiver"; and
otherwise—the title "controller"; and
the corporation's name;
or 2 or more such accounts; and

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

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

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).

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