Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 42

42. Section 421 of the Corporations Law is amended:

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

"(1) A controller of property of a corporation must:

   (a)  open and maintain an account, with an Australian bank, bearing:

        (i)    the controller's own name; and

        (ii)   in the case of a receiver of the property - the title
               'receiver'; and

        (iii)  otherwise - the title 'controller'; and

        (iv)   the corporation's name; or 2 or more such accounts; and

   (b)  within 3 business days after money of the corporation comes under the
        control of the controller, pay that money into such an account that
        the controller maintains; and

   (c)  ensure that no such account that the controller maintains contains
        money other than money of the corporation that comes under the control
        of the controller; and

   (d)  keep such accounting records as correctly record and explain all
        transactions that the controller enters into as the controller.";

   (b)  by omitting from subsection (2) "receiver" and substituting
        "controller".