Form 503
(subsection 419A(3))
Corporations Act 2001
NOTICE OF CONTROLLER’S INTENTION NOT TO EXERCISE PROPERTY RIGHTS
To: (name), of (address) , the *owner/*lessor of property (“the specified property”) being:
(name and description of property including, if appropriate, relevant reference numbers and account numbers identifying contracts such as leasing arrangements in relation to that property)
I (name), of (address), the controller of property of (name of corporation) (“the corporation”) give you notice that I do not propose to exercise rights in relation to the specified property as controller of the specified property, whether on behalf of the corporation or anyone else.
Dated
(Controller’s signature)
*Delete if not applicable
1. Under subsection 419A(4) the controller is not liable for rent or other amounts by the corporation in relation to the specified property while this notice in force, but the notice does not affect a liability of the corporation.
2 Under subsection 419A(5), this notice ceases to have effect if the controller:
revokes the notice, by writing to the owner/lessor; or
exercises or purports to exercise a right in relation to the specified property the controller.
This Act’s bill:Explanatory statement
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