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 16   Costs of statutory management  

(1)    

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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.

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History

S 16(1) amended by No 10 of 2018, s 3 and Sch 1 items 193 and 194, by substituting " a body corporate ' s business " for " an ADI ' s business " (wherever occurring) and " the body corporate ' s funds " for " the ADI ' s funds " , effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA.

(2)    

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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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History

S 16(2) amended by No 10 of 2018, s 3 and Sch 1 items 195 - 197, by substituting " a body corporate " for " an ADI " , " the body corporate " for " the ADI " and inserting the note, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA.

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