CTHIn ForceAct
Banking Act 1959
31CPowers and obligations of Banking Act statutory manager or external administrator
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#### 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.