Banking Act 1959
13BAStart of control of body corporate’s business by Banking Act statutory manager
Start here
Get a plain-English read of 13BA
Turn the raw legal text into a practical explanation grounded in Banking Act 1959.
13BA Start of control of body corporate’s business by Banking Act statutory manager
(1) After the decision that a Banking Act statutory manager will take control of a body corporate’s business is made, APRA must give the body corporate written notice that the Banking Act statutory manager will take, or is taking, control of the business.
Note: Subsections 15A(4) and 16A(3) also require APRA to give notice of the taking of control.
(2) A Banking Act statutory manager takes control of a body corporate’s business: (a) at the time specified in a notice under this section as the time when the Banking Act statutory manager takes control of the business (which must not be earlier than the notice is given); or (b) if a notice under this section does not specify a time as the time when the Banking Act statutory manager takes control of the business—at the time the notice is given. (3) A notice under subsection (1) is not a legislative instrument.