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 9 - Other matters  

Subdivision B - Other powers of Reserve Bank  

SECTION 849AA   RESERVE BANK MAY APPLY FOR BODY CORPORATE TO BE WOUND UP  

849AA(1)    
The Reserve Bank may apply under section 459P to the Court for an order that a body corporate be wound up in insolvency if:

(a)    a condition in section 831A is satisfied in relation to a CS facility licensee; and

(b)    the body corporate:

(i) is the CS facility licensee; or

(ii) is a related body corporate of the CS facility licensee and is incorporated in Australia; or

(iii) was a related body corporate of the CS facility licensee before a transfer of business or shares under this Part and is incorporated in Australia; and

(c)    the Reserve Bank considers that the body corporate is insolvent and could not be restored to solvency within a reasonable period.

849AA(2)    
If the Reserve Bank makes an application under section 459P , the Reserve Bank must inform ASIC of the application as soon as possible.