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 C - Protection of body corporate ' s property  

SECTION 844C   STAY OF PROCEEDINGS  

844C(1)    
While section 842A applies to a body corporate, a proceeding in a court against the body or in relation to any of its property cannot be begun or proceeded with, except:

(a)    with the Reserve Bank ' s written consent; or

(b)    with the leave of the Court and in accordance with such terms (if any) as the Court imposes.

844C(2)    
Subsection (1) does not apply to:

(a)    a criminal proceeding; or

(b)    a prescribed proceeding.

844C(3)    
If a person applies for the leave of the Court under paragraph (1)(b) , the person must, in writing, notify the Reserve Bank.

844C(4)    
The Reserve Bank is entitled to be heard on the application to the Court.