Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 2 - Protection of depositors  

Subdivision B - Provisions dealing with control of a body corporate ' s business by a Banking Act statutory manager  

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History

Subdiv B heading substituted by No 10 of 2018, s 3 and Sch 1 item 104, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. The heading formerly read:

Subdivision B - Provisions dealing with control of an ADI ' s business by an ADI statutory manager

SECTION 14CA  

14CA   Transaction by Banking Act statutory manager not voidable under section 588FE of the Corporations Act 2001  

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A transaction of a body corporate is not voidable under section 588FE of the Corporations Act 2001 merely because:

(a) the transaction was entered into at a time when a Banking Act statutory manager was in control of the body corporate ' s business; and

(b) the transaction is:

(i) an uncommercial transaction (within the meaning of that Act) of the body corporate; or

(ii) an unfair preference (within the meaning of that Act) given by the body corporate to a creditor of the company; or

(iii) an insolvent transaction (within the meaning of that Act) of the body corporate; or

(iv) a creditor-defeating disposition (within the meaning of that Act) by the body corporate.

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History

S 14CA amended by No 6 of 2020, s 3 and Sch 1 item 80, by inserting para (iv), effective 18 February 2020.

S 14CA inserted by No 10 of 2018, s 3 and Sch 1 item 151, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA.

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