Banking Act 1959

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

Division 2 - Protection of depositors  

Subdivision B - Provisions dealing with control of a body corporate ' s business by a Banking Act statutory manager  

SECTION 14CA   14CA   Transaction by Banking Act statutory manager not voidable under section 588FE of the Corporations Act 2001  


A transaction of a body corporate is not voidable under section 588FE of the Corporations Act 2001 merely because:


(a) the transaction was entered into at a time when a Banking Act statutory manager was in control of the body corporate ' s business; and


(b) the transaction is:


(i) an uncommercial transaction (within the meaning of that Act) of the body corporate; or

(ii) an unfair preference (within the meaning of that Act) given by the body corporate to a creditor of the company; or

(iii) an insolvent transaction (within the meaning of that Act) of the body corporate; or

(iv) a creditor-defeating disposition (within the meaning of that Act) by the body corporate.



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