Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 3 - Audit and auditor ' s report  

Note: This Division applies to sub-funds of retail CCIVs in a modified form: see section 1232G .

SECTION 313   SPECIAL PROVISIONS ON AUDIT OF DEBENTURE ISSUERS AND GUARANTORS  


Auditor to give trustee for debenture holders copies of reports, certificates etc.

313(1)    
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.



Auditor to report on matters prejudicial to debenture holders ' interests

313(2)    
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)    


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 .



View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.