Banking Act 1959
The appointment of an external administrator of a body corporate is terminated when a Banking Act statutory manager takes control of the body corporate ' s business.
An external administrator of a body corporate must not be appointed while a Banking Act statutory manager is in control of the body corporate ' s business unless APRA approves the appointment.
If a person who ceased to be the external administrator of a body corporate under subsection (1), or a purported external administrator of the body corporate appointed in contravention of subsection (2), purports to act in relation to the body corporate ' s business while a Banking Act statutory manager has control of the body corporate ' s business, those acts are invalid and of no effect.
APRA must inform the external administrator of a body corporate that a Banking Act statutory manager will take control of the body corporate ' s business as soon as possible after the decision that a Banking Act statutory manager will take control of the body corporate ' s business is made. However, failure to inform the external administrator does not affect the operation of this section.
(Repealed by No 105 of 2008)
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