141Moratorium—restrictions on exercise of third party property rights

141 Moratorium—restrictions on exercise of third party property rights

(1) Section 440B of the Corporations Act 2001 applies during a period in which section 137 of this Act applies to a body corporate in the same way it applies during the administration of a company.

(2) For the purposes of this section, treat the reference in paragraph 440B(2)(a) of the Corporations Act 2001 to the administrator’s written consent as being a reference to:

(a) for a body corporate under statutory management—the statutory manager’s written consent; or

(b) the Reserve Bank’s written consent.

(3) A person must not purport to do an act that a restriction under section 440B of the Corporations Act 2001, as applied by this section, prevents the person from doing.

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.

(4) Section 441A of the Corporations Act 2001 does not apply in relation to a body corporate during a period in which section 137 of this Act applies to the body corporate.

(5) This section applies despite sections 138, 139 and 140.

Payment Systems and Netting Act 1998 prevails over this section

(6) If there is any inconsistency between:

(a) subsections (1) to (5) of this section; and

(b) the Payment Systems and Netting Act 1998;

that Act prevails to the extent of the inconsistency.