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 5 - Directions  

Subdivision A - Directions to manage or respond to crisis  

SECTION 840B   MATTERS RELATING TO RESERVE BANK DIRECTIONS - MANAGE OR RESPOND TO CRISIS  

Variation or revocation

840B(1)    
The Reserve Bank may, in writing, vary a direction given to a person under subsection 840A(1) if the Reserve Bank reasonably believes that the direction, as varied, would be appropriate to manage or respond to a condition in section 831A being satisfied in relation to the relevant CS facility licensee.

840B(2)    
The Reserve Bank may revoke a direction given to a person under subsection 840A(1) if the Reserve Bank no longer reasonably believes that the direction is appropriate to manage or respond to a condition in section 831A being satisfied in relation to the relevant CS facility licensee, including because the condition is not satisfied.

840B(3)    
The variation or revocation must be given to the person in writing.

Directions are not legislative instruments

840B(4)    
A direction given under subsection 840A(1) , a variation under subsection (1) of this section or a revocation under subsection (2) of this section is not a legislative instrument.