Riverbank Act 1997

If the Corporation fails to perform obligations or carry out responsibilities under this Act, a stakeholder may apply to the Supreme Court for the appointment of an administrator under this section.

If satisfied that the appointment of an administrator is justified, the Supreme Court may appoint an administrator—

at a remuneration fixed by the Court; and

on other terms and conditions fixed by the Court.

An administrator appointed under this section—

is entitled to possession and control of the property of the Corporation and property in the Corporation's custody or control; and

may exercise the powers and carry out the duties of the Corporation under this or any other Act to the extent authorised by the Supreme Court.

While an appointment remains in force under this section, the powers and functions vested in the administrator under the terms of the appointment are exercisable only by the administrator.

An administrator may resign with the permission of the Supreme Court, and may be removed from office by the Supreme Court on its own initiative or on application by a stakeholder.

The costs of the administration, including the administrator's remuneration, are to be paid out of the funds of the Corporation.