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 B - Powers of statutory manager  

SECTION 833A   ROLE OF THE STATUTORY MANAGER  

833A(1)    
While a statutory manager of a body corporate is in control of the business of the body corporate the statutory manager:

(a)    has control of the body corporate ' s business, property and affairs; and

(b)    may carry on that business and manage that property and those affairs; and

(c)    at the direction of or with the written consent of the Reserve Bank:

(i) may terminate or dispose of all or part of that business; and

(ii) may dispose of any of that property; and

(d)    may perform any function, and exercise any power, that the body corporate or any of its officers could perform or exercise under the operating rules or procedures of a licensed CS facility of which the body corporate is the licensee; and

(e)    may perform any other function, and exercise any other power, that the body corporate or any of its officers could perform or exercise if a statutory manager were not in control of the body corporate ' s business.

Note: An expert report on fair value may be required before taking action: see section 849CB .

833A(2)    
Nothing in subsection (1) limits the generality of anything else in it.

Limitations

833A(3)    
This section does not permit the statutory manager to:

(a)    alter the body corporate ' s constitution or other arrangements for governance other than in accordance with section 833C ; or

(b)    recapitalise other than in accordance with section 833D ; or

(c)    effect a transfer of all or part of the shares in the body corporate or a total or partial transfer of the business of the body corporate, other than in accordance with Division 4 (compulsory transfers).

Meaning of property

833A(4)    
In this Part, property of a body corporate includes any PPSA retention of title property of the body corporate.

Note: See also:

(a) the definition of property in section 9 ; and

(b) section 51F (meaning of PPSA retention of title property ).