Section 421 — Corporations Act 2001: Managing controller’s duties in relation to bank accounts and financial records

(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).