Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 421

421. (1) A receiver of property of a corporation shall:

   (a)  open and maintain a bank account bearing the receiver's own name, the
title "receiver" and the name of the corporation;

   (b)  within 3 business days after money of the corporation comes under the
        receiver's control, pay that money into the account referred to in
        paragraph (a);

   (c)  ensure that the account referred to in paragraph (a) does not contain
        any moneys other than the moneys of the corporation that come under
        the receiver's control; and

   (d)  keep such accounting records as correctly record and explain all
        transactions entered into by the receiver as receiver.

(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
receiver of property of the corporation for the purposes of paragraph (1) (d).