137Circumstances in which moratorium and stays are relevant

137 Circumstances in which moratorium and stays are relevant

(1) This section begins to apply to a body corporate if:

(a) the body corporate begins to be under statutory management; or

(b) the Reserve Bank makes a determination under section 118 that there is to be a transfer of shares in the body corporate; or

(c) the Reserve Bank makes a determination under section 119 that there is to be a transfer of business of the body corporate; or

(d) the Reserve Bank gives a direction to the body corporate under subsection 91(1).

(2) This section ceases to apply to a body corporate at the earliest time, occurring after this section begins to apply to the body corporate, at which:

(a) the body corporate is not under statutory management; and

(b) for each determination (if any) the Reserve Bank has made under section 118 that there is to be a transfer of shares in the body corporate, or under section 119 that there is to be a transfer of business of the body corporate:

(i) a certificate issued under section 125 that the transfer is to take effect is in force; or

(ii) a certificate issued under section 123 that the transfer is not to take effect is in force; and

(c) no direction (if any) given to the body corporate under subsection 91(1) remains in force.

(3) To avoid doubt, subsection (2) does not prevent this section from subsequently beginning to apply to the body corporate again under subsection (1).