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 14E   Termination of administrator ' s appointment  

(1)  


APRA may terminate the appointment of an administrator of a body corporate ' s business and either appoint another person as administrator of the body corporate ' s business or itself take control of the body corporate ' s business if:


(a) the administrator contravenes a requirement of this Division; or


(b) APRA considers such action necessary to:


(i) facilitate the resolution of the body corporate, a relevant group of bodies corporate of which the body corporate is a member, or another member of such a group; or

(ii) if the body corporate is an ADI - protect the interests of depositors of the ADI; or

(iii) promote financial system stability in Australia.

(2)  


The terms and conditions of an administrator ' s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1).

(2A)  


If:


(a) APRA is the statutory manager of a body corporate; and


(b) the requirement in paragraph (1)(b) is satisfied;

it may cease to be the statutory manager of the body corporate and appoint a person as administrator of the body corporate ' s business.

(3)  
This section has effect subject to section 13C .




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