Banking Act 1959
No enforcement process in relation to property of a body corporate can be begun or proceeded with if a Banking Act statutory manager is in control of the body corporate ' s business. (2)
Subsection (1) does not apply if:
(a) the Federal Court of Australia grants leave for the process to be begun or continued on the ground that the person would be caused hardship if leave were not granted; or
(b) the beginning or continuing of the process is in accordance with such terms (if any) as the Federal Court imposes. (3)
A person intending to apply for leave of the Federal Court of Australia under paragraph (2)(a) must give APRA at least 10 days notice of the intention to apply (or a shorter period, if the Federal Court considers that exceptional circumstances make this necessary). (4)
APRA may apply to the Federal Court of Australia to be joined as a party to the proceedings for leave. If APRA is joined as a party, the Federal Court must have regard to APRA ' s views in deciding:
(a) whether to grant leave under paragraph (2)(a); and
(b) if the Federal Court decides to grant the leave - whether to impose terms as mentioned in paragraph (2)(b); and
(c) if the Federal Court decides to impose such terms - the nature of those terms. (5)
Subsection (1) also does not apply if:
(a) APRA consents to the process beginning or continuing; or
(b) the Banking Act statutory manager consents to the process beginning or continuing. (6)
APRA (or the Banking Act statutory manager) cannot revoke a consent given for the purposes of subsection (5). (7)
Neither APRA nor the Banking Act statutory manager is liable to an action or other proceedings for damages in respect of a refusal to give consent under subsection (5). (8)
This section has effect subject to section 31B .
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