Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 44

44. Section 423 of the Corporations Law is amended:

   (a)  by omitting paragraphs (1)(a) and (b) and substituting the following
        paragraphs:

"(a) it appears to the Court or to the Commission that a controller of
property of a corporation has not faithfully performed, or is not faithfully
performing, the controller's functions or has not observed, or is not
observing, a requirement of:

        (i)    in the case of a receiver - the order by which, or the
               instrument under which, the receiver was appointed; or

        (ii)   otherwise - an instrument under which the controller entered
               into possession, or took control, of that property; or

        (iii)  in any case - the Court; or

        (iv)   in any case - this Law, the regulations or the rules; or

   (b)  a person complains to the Court or to the Commission about an act or
        omission of a controller of property of a corporation in connection
        with performing or exercising any of the controller's functions and
        powers;";

   (b)  by omitting from subsection (2) "the receiver and the Court may order
        the receiver" and substituting "a controller of property of a
        corporation and the Court may order the controller";

   (c)  by omitting subsection (3) and substituting the following subsection:

"(3) The Court may at any time:

   (a)  require a controller of property of a corporation to answer questions
        about the performance or exercise of any of the controller's functions
        and powers as controller; or

   (b)  examine a person about the performance or exercise by such a
        controller of any of the controller's functions and powers as
        controller; or

   (c)  direct an investigation to be made of such a controller's books.".