Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

DIVISION 3 - STATUTORY MANAGEMENT  

Subdivision D - Additional duties of statutory manager  

SECTION 835B   RESERVE BANK ' S DIRECTIONS POWER - DIRECTIONS TO STATUTORY MANAGER  

Duty to follow directions by the Reserve Bank

835B(1)    
The Reserve Bank:

(a)    may give a statutory manager of a body corporate a direction relating to the control of the body corporate ' s business; and

(b)    may vary such a direction.

835B(2)    
A statutory manager who is given a direction, or a varied direction, under subsection (1) must:

(a)    comply with the direction; or

(b)    immediately:

(i) request the Reserve Bank to vary the direction; and

(ii) provide the Reserve Bank with information relating to the control of the body corporate ' s business that is relevant to its request.

835B(3)    
If the Reserve Bank refuses to vary the direction, the statutory manager must comply with the direction.