Start of control of body corporate’s business by Insurance Act statutory manager
62ZOB Start of control of body corporate’s business by Insurance Act statutory manager
After the decision that an Insurance Act statutory manager will take control of a body corporate’s business is made, APRA must give the body corporate written notice that the Insurance Act statutory manager will take, or is taking, control of the business.
Subsections 62ZOQ(4) and 62ZOZA(3) also require APRA to give notice of the taking of control.
An Insurance Act statutory manager takes control of a body corporate’s business:
at the time specified in a notice under this section as the time when the Insurance Act statutory manager takes control of the business (which must not be earlier than the notice is given); or
if a notice under this section does not specify a time as the time when the Insurance Act statutory manager takes control of the business—at the time the notice is given.
A notice under subsection (1) is not a legislative instrument.
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