Corporations Act 2001

A managing controller of property of a corporation must:

open and maintain an account, with an Australian ADI, bearing:

the managing controller’s own name; and

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

otherwise—the title “managing controller”; and

the corporation’s name;

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

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

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

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).