Corporations Act 2001

CHAPTER 2L - DEBENTURES  

PART 2L.3 - DUTIES OF GUARANTOR  

SECTION 283CC  

283CC   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.