(1) A controller of property of a corporation must lodge an account:
- (a)
- within one month after the end of:
- (i)
- 6 months, or such shorter period as the controller determines, after the
day when the controller became a controller of property of the corporation;
and
- (ii)
- each subsequent period of 6 months throughout which the controller is a
controller of property of the corporation; and
- (b)
- within one month after the controller ceases to be a controller of
property of the corporation.
(1A) An account must be in the prescribed form and show:
- (a)
- the
controller's receipts and payments during:
- (i)
- in the case of an account under paragraph (1)(a)the 6 months or
shorter period, as the case requires; or
- (ii)
- in the case of an account under paragraph (1)(b)the period
beginning at the end of the period to which the last account related, or on
the control day, as the case requires, and ending on the day when the
controller so ceased; and
- (b)
- except in the case of an account lodged under
subparagraph (1)(a)(i)the respective aggregates of the controller's
receipts and payments since the control day; and
- (c)
- in the case of:
- (i)
- a receiver appointed under a power contained in an instrument; or
- (ii)
- anyone else who is in possession, or has control, of property of the
corporation for the purpose of enforcing a charge;
the following:
- (iii)
- the amount (if any) owing under that instrument or charge:
(A) in the case of an account lodged under subparagraph (1)(a)(i)at
the end of the control day and at the end of the period to which the account
relates; or
(B) otherwiseat the end of the period to which the
account relates;
- (iv)
- the controller's estimate of the
total value, at the end of the period to which the
account relates, of the property of the corporation that
is subject to the instrument or charge.
(2) ASIC may, of its own motion or on the application of the corporation or a
creditor of the corporation, cause the accounts lodged in accordance with
subsection (1) to be audited by a registered company auditor appointed by
ASIC and, for the purpose of the audit, the controller must
furnish the auditor with such books and information as the auditor requires.
(3) Where ASIC causes the accounts to be audited on the request of the
corporation or a creditor, ASIC may require the corporation or creditor, as
the case may be, to give security for the payment of the cost of the audit.
(4) The costs of an audit under subsection (2) must be fixed by ASIC and
ASIC may if it thinks fit make an order declaring that, for the purposes of
subsection 419(1), those costs are taken to be a debt incurred by the
controller as mentioned in subsection 419(1) and, where such an order is made,
the controller is liable accordingly.
(5) A person must comply with a requirement made under this section.