THE CORPORATIONS LAW

CHAPTER 2L - DEBENTURES

PART 2L.2 - DUTIES OF BORROWER

SECTION 260GB   GENERAL DUTIES  

260GB     The borrower must:

(a)  carry on and conduct its business in a proper and efficient manner; and

(b)  provide a copy of the trust deed to:

(i) a debenture holder; or

(ii) the trustee;

if they request a copy; and

(c)  make all of its financial and other records available for inspection by:

(i) the trustee; or

(ii) an officer or employee of the trustee authorised by the trustee to carry out the inspection; or

(iii) a registered company auditor appointed by the trustee to carry out the inspection;

and give them any information, explanations or other assistance that they require about matters relating to those records.

Note:

The borrower also has a duty to call a meeting of debenture holders in certain circumstances (see section 260KA).