Banking Act 1959
Part II
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Provisions relating to the carrying on of banking business
Division 2
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Protection of depositors
Subdivision B
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Provisions dealing with control of a body corporate
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s business by a Banking Act statutory manager
SECTION 16
Costs of statutory management
(1)
APRA ' s costs (including costs in the nature of remuneration and expenses) of being in control of a body corporate ' s business, or of having an administrator in control of a body corporate ' s business, are payable from the body corporate ' s funds and are a debt due to APRA.
(2)
Despite anything contained in any law relating to the winding-up of companies, but subject to subsection 13A(3) , debts due to APRA by a body corporate under subsection (1) have priority in a winding-up of the body corporate over all other unsecured debts.
View history note
Hide history noteAPRA ' s costs (including costs in the nature of remuneration and expenses) of being in control of a body corporate ' s business, or of having an administrator in control of a body corporate ' s business, are payable from the body corporate ' s funds and are a debt due to APRA.
(2)
Despite anything contained in any law relating to the winding-up of companies, but subject to subsection 13A(3) , debts due to APRA by a body corporate under subsection (1) have priority in a winding-up of the body corporate over all other unsecured debts.
Note:
Subsection 13A(3) applies if the body corporate is an ADI, and provides for priorities for the application of the ADI ' s assets in Australia.
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