Section 421 — Corporations Act 2001 (Cth)

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

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

(i) the managing controller’s own name; and

(ii) in the case of a receiver of the property—the title “receiver”; and

(iii) otherwise—the title “managing 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 managing controller, pay that money into such an account that the managing controller maintains; and

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

(d) keep such financial records as correctly record and explain all transactions that the managing controller enters into as the managing controller.

(2) Any director, creditor or member of a corporation may, unless the Court otherwise orders, personally or by an agent, inspect records kept by a managing controller of property of the corporation for the purposes of paragraph (1)(d).

Related sections

• s 420A — Controller’s duty of care in exercising power of sale
• s 420B — Court may authorise managing controller to dispose of property despite prior security interest
• s 420C — Receiver’s power to carry on corporation’s business during winding up
• s 421A — Managing controller to report within 2 months about corporation’s affairs
• s 422 — Reports by receiver or managing controller
• s 422A — Annual return by controller

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