Effect on external administrator of Insurance Act statutory manager taking control of a body corporate’s business
62ZOQ Effect on external administrator of Insurance Act statutory manager taking control of a body corporate’s business
The appointment of an external administrator of a body corporate is terminated when an Insurance Act statutory manager takes control of the body corporate’s business.
For the definition of external administrator, see subsection 3(1).
An external administrator of a body corporate must not be appointed while an Insurance Act statutory manager is in control of the body corporate’s business unless APRA approves the appointment.
If a person who ceased to be the external administrator of a body corporate under subsection (1), or a purported external administrator of the body corporate appointed in contravention of subsection (2), purports to act in relation to the body corporate’s business while an Insurance Act statutory manager has control of the body corporate’s business, those acts are invalid and of no effect.
APRA must inform the external administrator of a body corporate that an Insurance Act statutory manager will take control of the body corporate’s business as soon as possible after the decision that an Insurance Act statutory manager will take control of the body corporate’s business is made. However, failure to inform the external administrator does not affect the operation of this section.
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