Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteWhile a statutory manager of a body corporate is in control of the business of the body corporate the statutory manager: (a) has control of the body corporate ' s business, property and affairs; and (b) may carry on that business and manage that property and those affairs; and (c) at the direction of or with the written consent of the Reserve Bank:
(i) may terminate or dispose of all or part of that business; and
(d) may perform any function, and exercise any power, that the body corporate or any of its officers could perform or exercise under the operating rules or procedures of a licensed CS facility of which the body corporate is the licensee; and (e) may perform any other function, and exercise any other power, that the body corporate or any of its officers could perform or exercise if a statutory manager were not in control of the body corporate ' s business.
(ii) may dispose of any of that property; and
Note: An expert report on fair value may be required before taking action: see section 849CB .
833A(2)
Nothing in subsection (1) limits the generality of anything else in it.
Limitations
833A(3)
This section does not permit the statutory manager to: (a) alter the body corporate ' s constitution or other arrangements for governance other than in accordance with section 833C ; or (b) recapitalise other than in accordance with section 833D ; or (c) effect a transfer of all or part of the shares in the body corporate or a total or partial transfer of the business of the body corporate, other than in accordance with Division 4 (compulsory transfers).
Meaning of property
833A(4)
In this Part, property of a body corporate includes any PPSA retention of title property of the body corporate.
Note: See also:
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