Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 3A - Covered bonds  

SECTION 31C  

31C   Powers and obligations of Banking Act statutory manager or external administrator  

To the extent that an asset secures covered bond liabilities of an ADI, a Banking Act statutory manager or an external administrator has:

(a) no powers in relation to the asset apart from the contractual powers of the ADI; and

(b) the contractual obligations of the ADI in relation to the asset.