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 6 - Moratorium on action during statutory management or compulsory transfer  

Subdivision A - Circumstances to which moratorium is relevant  

SECTION 842A   CIRCUMSTANCES TO WHICH MORATORIUM IS RELEVANT  

842A(1)    
For the purposes of this Division, this section begins to apply to a body corporate if:

(a)    the body corporate begins to be under statutory management; or

(b)    the Reserve Bank makes a determination under section 837A that there is to be a transfer of shares in the body corporate; or

(c)    the Reserve Bank makes a determination under section 837B that there is to be a transfer of business of the body corporate; or

(d)    the Reserve Bank gives a direction to the body corporate under subsection 840A(1) .

842A(2)    
This section ceases to apply to a body corporate at the earliest time, occurring after this section begins to apply to the body corporate, at which:

(a)    the body corporate is not under statutory management; and

(b)    for each determination (if any) the Reserve Bank has made under section 837A that there is to be a transfer of shares in the body corporate, or under section 837B that there is to be a transfer of business of the body corporate:

(i) a certificate issued under section 838A that the transfer is to take effect is in force; or

(ii) a determination made under section 837F that the transfer is not to take effect is in force; and

(c)    no direction (if any) given to the body corporate under subsection 840A(1) remains in force.

842A(3)    
To avoid doubt, subsection (2) does not prevent this section from subsequently beginning to apply to the body corporate again under subsection (1) .