Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 1   Amendment of the Banking Act 1959

Part 1   Main amendments

Banking Act 1959

174   After subsection 15(3)

Insert:

(3A) Subsections (1), (2) and (3) do not apply in relation to a body corporate that is a foreign ADI.

(3B) Subsection (3C) applies if:

(a) subsections (1), (2) and (3) do not apply in relation to a body corporate because of subsection (3A); and

(b) a Banking Act statutory manager takes control of the body corporate's business; and

(c) a director of the body corporate acts, or purports to act in relation to the body corporate's business while the Banking Act statutory manager has control of the body corporate's business.

(3C) Those acts are invalid and of no effect to the extent that they relate to:

(a) the Australian business assets and liabilities of the body corporate; or

(b) the management of the body corporate, to the extent that the management relates to the Australian business assets and liabilities of the body corporate.