96Role of the statutory manager

96 Role of the statutory manager

(1) While a statutory manager of a body corporate is in control of the business of the body corporate the statutory manager:

(a) has control of the body corporate’s business, property and affairs; and

(b) may carry on that business and manage that property and those affairs; and

(c) at the direction of or with the written consent of the Reserve Bank:

(i) may terminate or dispose of all or part of that business; and

(ii) may dispose of any of that property; and

(d) may perform any other function, and exercise any other power, that the body corporate or any of its officers could perform or exercise if a statutory manager were not in control of the body corporate’s business.

(2) Nothing in subsection (1) limits the generality of anything else in it.

Limitations

(3) This section does not permit the statutory manager to:

(a) alter the body corporate’s constitution or other arrangements for governance other than in accordance with section 98; or

(b) recapitalise other than in accordance with section 99; or

(c) effect a transfer of all or part of the shares in the body corporate or a total or partial transfer of the business of the body corporate, other than in accordance with Division 5 (compulsory transfers).