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CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 44
Supervision of controller
44. Section 423 of the Corporations Law is amended:
(a) by omitting paragraphs (1)(a) and (b) and substituting the following
paragraphs:
"(a) it appears to the Court or to the Commission that a controller of
property of a corporation has not faithfully performed, or is not faithfully
performing, the controller's functions or has not observed, or is not
observing, a requirement of:
(i) in the case of a receiver - the order by which, or the
instrument under which, the receiver was appointed; or
(ii) otherwise - an instrument under which the controller entered
into possession, or took control, of that property; or
(iii) in any case - the Court; or
(iv) in any case - this Law, the regulations or the rules; or
(b) a person complains to the Court or to the Commission about an act or
omission of a controller of property of a corporation in connection
with performing or exercising any of the controller's functions and
powers;";
(b) by omitting from subsection (2) "the receiver and the Court may order
the receiver" and substituting "a controller of property of a
corporation and the Court may order the controller";
(c) by omitting subsection (3) and substituting the following subsection:
"(3) The Court may at any time:
(a) require a controller of property of a corporation to answer questions
about the performance or exercise of any of the controller's functions
and powers as controller; or
(b) examine a person about the performance or exercise by such a
controller of any of the controller's functions and powers as
controller; or
(c) direct an investigation to be made of such a controller's books.".
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