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 E - Other matters  

SECTION 836A   EFFECT ON EXTERNAL ADMINISTRATION  

Termination of existing external administrator

836A(1)    
The appointment of an external administrator of a body corporate is terminated when a statutory manager takes control of the body corporate ' s business.

836A(2)    
Failure to give an external administrator notice under section 832A does not affect the operation of this section.

External administrator may only be appointed with approval during statutory management

836A(3)    
While a body corporate is under statutory management, an external administrator of the body corporate must not be appointed unless the Reserve Bank approves the appointment in writing.

Invalid acts

836A(4)    
If:

(a)    a person who ceased to be the external administrator of a body corporate under subsection (1) ; or

(b)    a purported external administrator of the body corporate appointed in contravention of subsection (3) ;

purports to act in relation to the body corporate ' s business, those acts are invalid and of no effect.