CTHIn ForceAct
Banking Act 1959
31CPowers and obligations of Banking Act statutory manager or external administrator
Start here
Get a plain-English read of 31C
Turn the raw legal text into a practical explanation grounded in Banking Act 1959.
31C Powers and obligations of Banking Act statutory manager or external administrator
To the extent that an asset secures covered bond liabilities of an ADI, a Banking Act statutory manager or an external administrator has: (a) no powers in relation to the asset apart from the contractual powers of the ADI; and (b) the contractual obligations of the ADI in relation to the asset.