S 293-10 repealed by No 87 of 2015, s 3 and Sch 1 item 126, effective 1 July 2015. For transitional provisions, see note under s
3-15
. S 293-10 formerly read:
SECTION 293-10 ONLY MANAGER CAN DEAL WITH PROPERTY OF FUND UNDER MANAGEMENT
293-10(1)
A transaction or dealing affecting the property of a *health benefits fund under *external management or *terminating management, that is entered into by the *responsible insurer for the fund or by a person purportedly on behalf of the fund or the responsible insurer, is void unless:
(a)
the transaction or dealing has been entered into by the *manager of the fund; or
(b)
the manager consented to the transaction or dealing before it was entered into; or
(c)
the transaction or dealing was entered into by order of the Federal Court or of the Supreme Court of a State or Territory.
293-10(2)
Subsection (1) does not apply to a payment that an *ADI makes, out of an account kept with the ADI by the *responsible insurer for the fund, that is made:
(a)
in good faith and in the ordinary course of the ADI
'
s banking business; and
(b)
after the *external management or *terminating management began but on or before the day on which:
(i)
the *manager gives to the ADI written notice of the appointment that began the external management or terminating management; or
(ii)
the manager notifies the appointment in a national newspaper, or in a newspaper circulating in each jurisdiction where the responsible insurer has its registered office or carries on business;
whichever happens first.
293-10(3)
Subsection (1) has effect subject to any order that the Federal Court makes after the purported transaction or dealing.
293-10(4)
A person commits an offence if:
(a)
the person is:
(i)
an *officer of the *responsible insurer for a *health benefits fund under *external management or *terminating management; or
(ii)
a receiver, or receiver and manager, of any of the *assets of the fund; and
(b)
the person:
(i)
purported to enter into a transaction or dealing on behalf of the responsible insurer; or
(ii)
was in any way, by act or omission, directly or indirectly concerned in, or party to, a transaction or dealing; and
(c)
the transaction or dealing is, because of the operation of subsection (1), void, or would be void apart from subsection (3).
Penalty: 30 penalty units or imprisonment for 6 months, or both.
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