106Reserve Bank’s directions power—directions to statutory manager

106 Reserve Bank’s directions power—directions to statutory manager

Duty to follow directions by the Reserve Bank

(1) The Reserve Bank:

(a) may give a statutory manager of a body corporate a direction relating to the control of the body corporate’s business; and

(b) may vary such a direction.

(2) A statutory manager who is given a direction, or a varied direction, under subsection (1) must:

(a) comply with the direction; or

(b) immediately:

(i) request the Reserve Bank to vary the direction; and

(ii) provide the Reserve Bank with information relating to the control of the body corporate’s business that is relevant to its request.

(3) If the Reserve Bank refuses to vary the direction, the statutory manager must comply with the direction.