Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 53

53. Section 432 of the Corporations Law is amended:

   (a)  by omitting subsection (1) and substituting the following subsections:

"(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)  otherwise - at 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.";

   (b)  by omitting from subsection (2) "receiver shall" and substituting
        "controller must";

   (c)  by omitting from subsection (4) everything after "incurred by the" and
        substituting "controller as mentioned in subsection 419(1) and, where
        such an order is made, the controller is liable accordingly.".