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 14D   Administrator in control - additional duties  

(1)   Duty to report to APRA on request  

A person who is an administrator of a body corporate ' s business must give to APRA a written report showing how the control of the body corporate ' s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request.

(2)   Duty to report to APRA on termination of appointment  

A person who was an administrator of a body corporate ' s business must give to APRA a written report showing how the control of the body corporate ' s business was carried out over the period of the administrator ' s appointment if the administrator ' s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination.

(3)   Duty to follow directions by APRA  

APRA may give an administrator of a body corporate ' s business a direction relating to the control of the body corporate ' s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must:

(a) act in accordance with the direction; or

(b) immediately provide to APRA information relating to the control of the body corporate ' s business and request APRA to alter the direction.

(4)    

If an administrator of a body corporate ' s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction.