Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this section:
"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 registrable Australian body--a director or secretary of the company or registrable Australian body; 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 must serve on the corporation as soon as practicable notice that the person is a controller of property of the corporation; and
(b) within 10 business days after the corporation receives the notice, the reporting officers must 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 must, 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; and
(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 security interest 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).
(2A) However, if:
(a) the corporation:
(i) is a licensed trustee company; or
(ii) holds an Australian financial services licence that covers the provision of custodial or depository services; and
(b) the only property of the corporation in respect of which a person is controller is property the corporation holds on trust;
subsection (2) applies only to affairs of the corporation that relate to the relevant registered schemes and trusts, and the notice under paragraph (2)(a) may refer to those schemes and trusts.
Note: See section 429A if the property is scheme property of a registered scheme.
(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 must lodge a copy of the notice.
(5) As soon as practicable after the Court grants an extension under paragraph (3)(b), the reporting officers must lodge a copy of the order.
(6) Subsections (2), (3) and (4) and 429A(3) 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) or 429A(3) 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) or 429A(3) is fully complied with, then:
(a) the references in paragraphs (2)(b) and (c) and 429A(3)(e), (f), (g) and (h) 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 sections 429A and 430 apply even if the controller and the liquidator are the same person, but with any necessary modifications arising from that fact.