422DTransfer of books to ASIC etc.

422D  Transfer of books to ASIC etc.

Transfer of books to ASIC

 (1) If a person ceases to act as a controller of property of a corporation, ASIC may, by written notice given to the person, require the person to:

 (a) if the person has possession or control of books relating to the control of that property of the corporation in his or her possession or control—transfer possession or control of those books to ASIC within the period specified in the notice; or

 (b) otherwise—notify ASIC, within the period and in the manner specified in the notice, that the person does not have books relating to the control of that property of the corporation in the person’s possession or control.

ASIC must transfer books to new controller

 (a) possession or control of books relating to the control of property of a corporation is transferred to ASIC under this section; and

 (c) a person (the new controller) is or becomes:

 (ii) if the corporation is a company under external administration—the external administrator of the company;

ASIC must, as soon as practicable, transfer possession or control of those books to the new controller.

ASIC must transfer books to company

 (a) possession or control of books relating to the control of property of a corporation is transferred to ASIC under this section; and

 (c) it is unlikely that another person will be appointed as:

 (ii) if the corporation is a company under external administration—the external administrator of the company;

ASIC must, as soon as practicable, transfer possession or control of those books to the relevant corporation.

 (5) If asic is entitled to take possession or control of the books under this section:

 (a) a person is not entitled, as against ASIC, to claim a lien on the books; and

 (6) If ASIC is required to give possession or control of the books to the new controller under this section:

 (a) a person is not entitled, as against the new controller, to claim a lien on the books; and

 (7) A notice under subsection (1) is not a legislative instrument.

 (8) ASIC must retain all books:

 (a) that are relevant to the control of property of the corporation; and

 (b) possession or control of which is transferred to ASIC under this section; and

 (c) possession or control of which is not transferred to another entity under this section, or under any other law;

for a period (the retention period) of 2 years after the day on which ASIC takes possession or control of the books.

 (9) ASIC may destroy the books at the end of the retention period.