Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 2 - Protection of depositors  

Subdivision A - General provisions relating to depositor protection  

SECTION 13BA   Start of control of body corporate ' s business by Banking Act statutory manager  

(1)  

After the decision that a Banking Act statutory manager will take control of a body corporate ' s business is made, APRA must give the body corporate written notice that the Banking Act statutory manager will take, or is taking, control of the business.

Note:

Subsections 15A(4) and 16A(3) also require APRA to give notice of the taking of control.

(2)  

A Banking Act statutory manager takes control of a body corporate ' s business:

(a) at the time specified in a notice under this section as the time when the Banking Act statutory manager takes control of the business (which must not be earlier than the notice is given); or

(b) if a notice under this section does not specify a time as the time when the Banking Act statutory manager takes control of the business - at the time the notice is given.

(3)  
A notice under subsection (1) is not a legislative instrument.