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 16AA   16AA   Exceptions to Part IV of the Competition and Consumer Act 2010  


For the purposes of subsection 51(1) of the Trade Practices Act 1974 , the following things are specified and specifically authorised:


(a) the acquisition of assets in a sale or disposal of the whole or part of the business of a body corporate under this Division by a Banking Act statutory manager in control of the body corporate ' s business (whether the assets are shares in another body corporate or other assets);


(b) the acquisition of shares in a body corporate as a direct result of:


(i) the issue or sale of the shares under this Division by a Banking Act statutory manager in control of the body corporate ' s business; or

(ii) the exercise of a right to acquire shares that was issued or sold under this Division by a Banking Act statutory manager in control of the body corporate ' s business.



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