reporting officer, in relation to a corporation in respect of property of which a person is controller, means a person who was:

(a)

in the case of a company or registered Australian corporation—a director or secretary of the company or registered Australian corporation; or

(b)

in the case of a foreign company—a local agent of the foreign company;

on the control day.

(2)

Where a person becomes a controller of property of a corporation:

(a)

the person shall serve on the corporation as soon as practicable notice that the person is a controller of property of the corporation;

(b)

within 14 days after the corporation receives the notice, the reporting officers shall make out and submit to the person a report in the prescribed form about the affairs of the corporation as at the control day; and

(c)

the person shall, within one month after receipt of the report:

(i)

lodge a copy of the report and a notice setting out any comments the person sees fit to make relating to the report or, if the person does not see fit to make any comment, a notice stating that the person does not see fit to make any comment;

(ii)

send to the corporation a copy of the notice lodged in accordance with subparagraph (i); and

(iii)

if the person became a controller of the property:

(A) because of an appointment as receiver of the property that was made by or on behalf of the holder of debentures of the corporation; or (B) by entering into possession, or taking control, of the property for the purpose of enforcing a charge securing such debentures;

and there are trustees for the holders of those debentures—send to those trustees a copy of the report and a copy of the notice lodged under subparagraph (i).

(3)

Where notice has been served on a corporation under paragraph (2)(a), the reporting officers may apply to the controller or to the Court to extend the period within which the report is to be submitted and:

(a)

if application is made to the controller—if the controller believes that there are special reasons for so doing, the controller may, by notice in writing given to the reporting officers, extend that period until a specified day; and

(b)

if application is made to the Court—if the Court believes that there are special reasons for so doing, the Court may, by order, extend that period until a specified day.

(4)

As soon as practicable after granting an extension under paragraph (3)(a), the controller shall lodge a copy of the notice.

(5)

As soon as practicable after the Court grants an extension under paragraph (3)(b), the reporting officers shall lodge a copy of the order.

(6)

Subsections (2), (3) and (4) do not apply in a case where a person becomes a controller of property of a corporation:

(a)

to act with an existing controller of property of the corporation; or

(b)

in place of a controller of such property who has died or ceased to be a controller of such property.

(6A)

However, if subsection (2) applies in a case where a controller of property of a corporation dies, or ceases to be a controller of property of the corporation, before subsection (2) is fully complied with, then:

(a)

the references in paragraphs (2)(b) and (c) to the person; and

(b)

the references in subsections (3) and (4) to the controller;

include references to the controller's successor and to any continuing controller.

(7)

Where a corporation is being wound up, this section (including subsection (6A)) and section 430 apply even if the controller and the liquidator are the same person, but with any necessary modifications arising from that fact.