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s 62ZOU

Moratorium—Restrictions on exercise of third party property rights

In force
Part VBJudicial management, statutory management, other external administration and winding up
Division 1AStatutory management of general insurers
Subdivision BProvisions dealing with control of a body corporate’s business by an Insurance Act statutory manager

62ZOU Moratorium—Restrictions on exercise of third party property rights

(1)

Section 440B of the Corporations Act 2001 applies during a period in which an Insurance Act statutory manager is in control of a body corporate’s business in the same way it applies during the administration of a company.

(2)

For the purposes of this section, treat the reference in paragraph 440B(2)(a) of the Corporations Act 2001 to the administrator’s written consent as being a reference to:

(a)

the Insurance Act statutory manager’s written consent; or

(b)

APRA’s written consent.

(3)

Neither APRA nor an Insurance Act statutory manager is liable to an action or other proceedings for damages in respect of a refusal to give consent as mentioned in subsection (2).

(4)

This section applies despite sections 62ZOR, 62ZOS and 62ZOT.

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