Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 48

48. Section 427 of the Corporations Law is amended by omitting subsections
(2), (3) and (4) and substituting the following subsections:

"(1A) A person who appoints another person to enter into possession, or take
control, of property of a corporation (whether or not as agent for the
corporation) for the purpose of enforcing a charge otherwise than as receiver
of that property must:

   (a)  within 7 days after making the appointment, lodge notice of the
        appointment; and

   (b)  within 21 days after making the appointment, cause notice of the
        appointment to be published in the Gazette.

"(1B) A person who enters into possession, or takes control, as mentioned in
subsection (1A) must:

   (a)  within 7 days after so entering into possession or taking control,
        lodge notice that the person has done so; and

   (b)  within 21 days after so entering into possession or taking control,
        cause to be published in the Gazette notice that the person has done
        so; unless another person:

   (c)  appointed the first-mentioned person so to enter into possession or
        take control; and

   (d)  complies with subsection (1A) in relation to the appointment.

"(2) Within 14 days after becoming a controller of property of a corporation,
a person must lodge notice in the prescribed form of the address of the
person's office.

"(3) A controller of property of a corporation must, within 14 days after a
change in the situation of the controller's office, lodge notice in the
prescribed form of the change.

"(4) A person who ceases to be a controller of property of a corporation must:

   (a)  within 7 days after so ceasing, lodge notice that the person has so
        ceased; and

   (b)  within 21 days after so ceasing, cause notice that the person has so
        ceased to be published in the Gazette.".