Section 283CC — Corporations Act 2001: Duty to inform trustee about security interests

If the guarantor creates a security interest, it must: (a) give the trustee written details of the security interest within 21 days after it is created; and (b) if the total amount to be advanced on the security of the security interest is indeterminate, give the trustee written details of: (i) the amount of each advance made within 7 days after it is made; or (ii) where the advances are merged in a current account with bankers, trade creditors or anyone else—the net amount outstanding on the advances at the end of every 3 months.