Only the administrator can deal with the Coordinator’s property
47ZS Only the administrator can deal with the Coordinator’s property
In this section —
Australian ADI has the meaning given in the Corporations Act section 9;
Court means the Supreme Court of Western Australia.
This section applies if —
an administrator is appointed to the Coordinator under section 47ZQ(1)(b); and
during the term of the administrator’s appointment, the Coordinator purports to enter into, or a person purports to enter into on behalf of the Coordinator, a transaction or dealing affecting property of the Coordinator.
The transaction or dealing is void unless —
the administrator entered into it on the Coordinator’s behalf; or
the administrator consented to it in writing before it was entered into; or
it was entered into under an order of the Court.
Subsection (3) does not apply to a payment made —
by an Australian ADI out of an account kept by the Coordinator with the ADI; and
in good faith and in the ordinary course of the ADI’s banking business; and
on or before the day on which the administrator gives to the Australian ADI written notice of the administrator’s appointment.
Subsection (3) has effect subject to an order that the Court makes after the purported transaction or dealing.
If, because of subsection (3), the transaction or dealing is void, or would be void apart from subsection (5), an officer or employee of the Coordinator commits an offence if the officer or employee —
purported to enter into the transaction or dealing on the Coordinator’s behalf; or
was in any other way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the transaction or dealing.
Penalty for this subsection: a fine of $10 000.
[Section 47ZS inserted: No. 5 of 2019 s. 6.]
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.