140Moratorium—disposal of property

140 Moratorium—disposal of property

(1) A person must not dispose of property if:

(a) the property is owned by another person; and

(b) the other person is a body corporate; and

(c) section 137 applies to the body corporate.

Note: An injunction may be granted under Part 7 of the Regulatory Powers Act in respect of a contravention of this subsection: see section 186.

(2) Subsection (1) does not apply if:

(a) the Reserve Bank consents to the disposal; or

(b) for a body corporate under statutory management—the statutory manager consents to the disposal.