THE CORPORATIONS LAW

CHAPTER 2L - DEBENTURES

PART 2L.3 - DUTIES OF GUARANTOR

SECTION 260HC   DUTY TO INFORM TRUSTEE ABOUT CHARGES  

260HC     If the guarantor creates a charge, it must:

(a)  give the trustee written details of the charge within 21 days after it is created; and

(b)  if the total amount to be advanced on the security of the charge 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.