Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 421A

Managing controller to report within 2 months about corporation's affairs

(1) A managing controller of property of a corporation must prepare a report about the corporation's affairs that is in the prescribed form and is made up to a day not later than 30 days before the day when it is prepared. (2) The managing controller must prepare and lodge the report within 2 months after the control day. (3) As soon as practicable, and in any event within 14 days, after lodging the report, the managing controller must cause to be published in a national newspaper, or in each State or Territory in a daily newspaper that circulates generally in that State or Territory, a notice stating:

that the report has been prepared; and

that a person can, on paying the prescribed fee, inspect the report at specified offices of ASIC.

(4) If, in the managing controller's opinion, it would seriously prejudice:

the corporation's interests; or

the achievement of the objectives for which the controller was appointed, or entered into possession or assumed control of property of the corporation, as the case requires;

if particular information that the controller would otherwise include in the report were made available to the public, the controller need not include the information in the report.

(5) If the managing controller omits information from the report as permitted by subsection (4), the controller must include instead a notice:

stating that certain information has been omitted from the report; and

summarising what the information is about, but without disclosing the information itself.

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