Enforcing controller’s duty to make returns
434 Enforcing controller’s duty to make returns
If a controller of property of a corporation:
who has made default in making or lodging any return, account or other document or in giving any notice required by law fails to make good the default within 14 days after the service on the controller, by any member or creditor of the corporation or trustee for debenture holders, of a notice requiring the controller to do so; or
who has become a controller of property of the corporation otherwise than by being appointed a receiver of such property by a court and who has, after being required at any time by the liquidator of the corporation so to do, failed to render proper accounts of, and to vouch, the controller’s receipts and payments and to pay over to the liquidator the amount properly payable to the liquidator;
the Court may make an order directing the controller to make good the default within such time as is specified in the order.
An application under subsection (1) may be made:
if paragraph (1)(a) applies—by a member or creditor of the corporation or by a trustee for debenture holders; and
if paragraph (1)(b) applies—by the liquidator of the corporation.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.