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 E - Other matters  

SECTION 836C   COSTS OF STATUTORY MANAGEMENT  

836C(1)    
The Reserve Bank ' s costs (including costs in the nature of remuneration and expenses) of:

(a)    being in control of a body corporate ' s business as statutory manager; or

(b)    having a statutory manager in control of a body corporate ' s business;

are payable from the body corporate ' s funds and are a debt due to the Reserve Bank.

836C(2)    
Despite anything contained in this Act or any other law relating to the winding up of companies, debts due to the Reserve Bank by a body corporate under subsection (1) have priority in a winding-up of the body corporate over all other unsecured debts.