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 835C  

835C   CONSENT TO TAKE ACTION THAT MAY AFFECT FINANCIAL SYSTEM STABILITY IN AUSTRALIA  

If a statutory manager of a body corporate (other than the Reserve Bank) has reasonable grounds to believe that an action that the statutory manager proposes to take is an action that is likely to pose a threat to:

(a)    the stability of the financial system in Australia; or

(b)    the continuity of one or more clearing and settlement facility services that are critical to the functioning of the financial system in Australia;

the statutory manager must, before taking the action:

(c)    notify the Reserve Bank in writing as soon as practicable; and

(d)    obtain the Reserve Bank ' s written consent.