Banking Act 1959
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Hide history noteA person who is an administrator of a body corporate ' s business must give to APRA a written report showing how the control of the body corporate ' s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request.
A person who was an administrator of a body corporate ' s business must give to APRA a written report showing how the control of the body corporate ' s business was carried out over the period of the administrator ' s appointment if the administrator ' s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination.
APRA may give an administrator of a body corporate ' s business a direction relating to the control of the body corporate ' s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must:
(a) act in accordance with the direction; or
(b) immediately provide to APRA information relating to the control of the body corporate ' s business and request APRA to alter the direction.
If an administrator of a body corporate ' s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction.
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