CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 3 - Audit and auditor's report  

SECTION 313   SPECIAL PROVISIONS ON AUDIT OF DEBENTURE ISSUERS AND GUARANTORS  

313(1)   Auditor to give trustee for debenture holders copies of reports, certificates etc.  

The auditor of a borrower in relation to debentures must give the trustee for debenture holders:


(a) a copy of any report, certificate or other document that the auditor must give the borrower or its members under this Act, the debentures or the trust deed; and


(b) a copy of any document that accompanies it.

The copies must be given within 7 days after the auditor gives the originals to the borrower or its members.

313(2)   Auditor to report on matters prejudicial to debenture holders' interests.  

The auditor of a borrower, or guarantor, in relation to debentures must give the borrower or guarantor a written report about any matter that:


(a) the auditor became aware of in conducting the audit or review; and


(b) in the auditor's opinion, is or is likely to be prejudicial to the interests of debenture holders; and


(c) in the auditor's opinion, is relevant to the exercise of the powers of the trustee for debenture holders, or the performance of the trustee's duties, under this Act or the trust deed.

The auditor must give a copy of the report to the trustee for debenture holders. The report and the copy must be given within 7 days after the auditor becomes aware of the matter.

313(3)   [ Strict liability offence]  

An offence based on subsection (1) or (2) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .


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