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 15BA   Moratorium - effect of Banking Act statutory management on enforcement process regarding property  

(1)  
No enforcement process in relation to property of a body corporate can be begun or proceeded with if a Banking Act statutory manager is in control of the body corporate ' s business.

(2)  
Subsection (1) does not apply if:


(a) the Federal Court of Australia grants leave for the process to be begun or continued on the ground that the person would be caused hardship if leave were not granted; or


(b) the beginning or continuing of the process is in accordance with such terms (if any) as the Federal Court imposes.

(3)  
A person intending to apply for leave of the Federal Court of Australia under paragraph (2)(a) must give APRA at least 10 days notice of the intention to apply (or a shorter period, if the Federal Court considers that exceptional circumstances make this necessary).

(4)  
APRA may apply to the Federal Court of Australia to be joined as a party to the proceedings for leave. If APRA is joined as a party, the Federal Court must have regard to APRA ' s views in deciding:


(a) whether to grant leave under paragraph (2)(a); and


(b) if the Federal Court decides to grant the leave - whether to impose terms as mentioned in paragraph (2)(b); and


(c) if the Federal Court decides to impose such terms - the nature of those terms.

(5)  
Subsection (1) also does not apply if:


(a) APRA consents to the process beginning or continuing; or


(b) the Banking Act statutory manager consents to the process beginning or continuing.

(6)  
APRA (or the Banking Act statutory manager) cannot revoke a consent given for the purposes of subsection (5).

(7)  
Neither APRA nor the Banking Act statutory manager is liable to an action or other proceedings for damages in respect of a refusal to give consent under subsection (5).

(8)  
This section has effect subject to section 31B .




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.