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  

SECTION 832B   TERMINATION OF APPOINTMENT OF STATUTORY MANAGER  

Termination of control by Reserve Bank

832B(1)    
The Reserve Bank may, in writing, decide to cease to be in control of the business of a body corporate as a statutory manager.

Note: The Reserve Bank may also decide under section 832A to appoint another statutory manager to take control of the body corporate ' s business.

832B(2)    
The Reserve Bank must notify the body corporate in writing of the decision.

832B(3)    
If:

(a)    the Reserve Bank has taken control of the business of a related body corporate of a CS facility licensee under paragraph 832A(4)(a) for the purpose of managing or responding to a condition in section 831A being satisfied in relation to the licensee; and

(b)    the licensee ceases being under statutory management;

the Reserve Bank must decide under subsection (1) of this section to cease to be in control of the business of the related body corporate.

Termination of appointments of statutory managers

832B(4)    
The Reserve Bank may, in writing, terminate the appointment of a statutory manager.

Note: The Reserve Bank may also decide under section 832A to take control of the body corporate ' s business or appoint another statutory manager to do so.

832B(5)    
The Reserve Bank must notify the body corporate and statutory manager in writing of the termination.

832B(6)    
If:

(a)    the Reserve Bank appoints a statutory manager of a related body corporate of a CS facility licensee under paragraph 832A(4)(b) for the purpose of managing or responding to a condition in section 831A being satisfied in relation to the licensee; and

(b)    the licensee ceases being under statutory management;

the Reserve Bank must, under subsection (4) of this section, terminate the appointment of the statutory manager of the related body corporate.

Instruments are not legislative instruments

832B(7)    
An instrument made under this section is not a legislative instrument.