s 76 Duty of borrower to inform trustee and Commission of occurence of material event
(1) Notwithstanding section 75, a borrower shall inform the trustee and the Commission as soon as possible after the borrower becomes aware— (a) of the happening of any event that has caused or could cause, one or more of the following: (i) any amount secured or payable under the debenture to become immediately payable; (ii) the debenture to become immediately enforceable; or (iii) any other right or remedy under the terms, provisions or covenants of the debenture or the trust deed to become immediately enforceable; or (b) of any circumstance that has occurred that would materially prejudice— (i) the borrower, its subsidiaries or its guarantors; or (ii) any security or charge included in or created by the debenture or the trust deed. (2) A borrower who contravenes subsection (1) shall be guilty of an offence.