94Termination of appointment of statutory manager

94 Termination of appointment of statutory manager

Termination of control by Reserve Bank

(1) The Reserve Bank may, in writing, decide to cease to be in control of the business of a body corporate as a statutory manager.

Note: The Reserve Bank may also decide under section 93 to appoint another statutory manager to take control of the body corporate’s business.

(2) The Reserve Bank must notify the body corporate in writing of the decision.

(3) If:

(a) the Reserve Bank has taken control of the business of a related body corporate of a designated entity under paragraph 93(4)(a) for the purpose of managing or responding to a condition in section 90 being satisfied in relation to the entity; and

(b) the designated entity ceases being under statutory management;

the Reserve Bank must decide under subsection (1) of this section to cease to be in control of the business of the related body corporate.

Termination of appointments of statutory managers

(4) The Reserve Bank may, in writing, terminate the appointment of a statutory manager of a body corporate.

Note: The Reserve Bank may also decide under section 93 to take control of the body corporate’s business or appoint another statutory manager to do so.

(5) The Reserve Bank must notify the body corporate and statutory manager in writing of the termination.

(6) If:

(a) the Reserve Bank appoints a statutory manager of a related body corporate of a designated entity under paragraph 93(4)(b) for the purpose of managing or responding to a condition in section 90 being satisfied in relation to the entity; and

(b) the designated entity ceases being under statutory management;

the Reserve Bank must, under subsection (4) of this section, terminate the appointment of the statutory manager of the related body corporate.

Notifying the ACCC

(7) A notice under subsection (2) or (5) must also be given by the Reserve Bank to the ACCC.

Instruments are not legislative instruments

(8) An instrument made under this section is not a legislative instrument.