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 14C   Banking Act statutory manager ' s liabilities and duties   Immunity

(1)  


A Banking Act statutory manager, or a person acting on behalf of a Banking Act statutory manager, is not subject to any liability (whether civil or criminal) in respect of anything done, or omitted to be done, in the exercise or performance, or the purported exercise or performance, of powers, functions or duties conferred or imposed on the Banking Act statutory manager by or under this Act.

(2)  


Subsection (1) does not apply to an act or omission in bad faith.

(3)  


To avoid doubt, a Banking Act statutory manager is not liable under section 588G , 588GAB or 588GAC of the Corporations Act 2001 in respect of anything done, or omitted to be done, in the exercise or performance, or the purported exercise or performance, of powers, functions or duties conferred or imposed on the Banking Act statutory manager by or under this Act. This subsection does not limit the scope of subsection (1).

(4)  
(Repealed by No 10 of 2018)

(5)   Signpost to secrecy obligations  

Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by Banking Act statutory managers under this Act.


 

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