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 16   Costs of statutory management  

(1)  


APRA ' s costs (including costs in the nature of remuneration and expenses) of being in control of a body corporate ' s business, or of having an administrator in control of a body corporate ' s business, are payable from the body corporate ' s funds and are a debt due to APRA.

(2)  


Despite anything contained in any law relating to the winding-up of companies, but subject to subsection 13A(3) , debts due to APRA by a body corporate under subsection (1) have priority in a winding-up of the body corporate over all other unsecured debts.
Note:

Subsection 13A(3) applies if the body corporate is an ADI, and provides for priorities for the application of the ADI ' s assets in Australia.




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