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 15BC   Moratorium - restrictions on exercise of third party property rights  

(1)  
Section 440B of the Corporations Act 2001 applies during a period in which a Banking Act statutory manager is in control of a body corporate ' s business in the same way it applies during the administration of a company.

(2)  
For the purposes of this section, treat the reference in paragraph 440B(2)(a) of the Corporations Act 2001 to the administrator ' s written consent as being a reference to:


(a) the Banking Act statutory manager ' s written consent; or


(b) APRA ' s written consent.

(3)  
Neither APRA nor a Banking Act statutory manager is liable to an action or other proceedings for damages in respect of a refusal to give consent as mentioned in subsection (2).

(4)  
This section applies despite sections 15B , 15BA and 15BB .

(5)  
This section has effect subject to section 31B .




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