Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 429

429. (1) In this section:

"reporting officer", in relation to a corporation in respect of property of
which a receiver has been appointed, means a person who is:

   (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 day of the appointment.

(2) Where a receiver of property of a corporation is appointed:

   (a)  the receiver shall serve on the corporation as soon as practicable
        notice of the appointment;

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

   (c)  the receiver shall, within one month after receipt of the report:

        (i)    lodge a copy of the report and a notice setting out any
               comments the receiver sees fit to make relating to the report
               or, if the receiver does not see fit to make any comment, a
               notice stating that the receiver 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 appointment was by or on behalf of the holders of
               debentures of the corporation, send to the trustees (if any)
               for those holders a copy of the report and a copy of the notice
               lodged in accordance with subparagraph (i).

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

   (a)  if application is made to the receiver-if the receiver believes that
        there are special reasons for so doing, the receiver 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 receiver 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 relation to the appointment
of a receiver to act with an existing receiver or in place of a receiver who
has died or ceased to act, except that, where subsection (2) applies to a
receiver who dies or ceases to act before that subsection has been fully
complied with, the references in paragraphs (2) (b) and (c) and subsections
(3) and (4) to the receiver, subject to subsection (7), include references to
the receiver's successor and to any continuing receiver.

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