Life Insurance Act 1995
179ABStart of control of body corporate’s business by Life Insurance Act statutory manager
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179AB Start of control of body corporate’s business by Life Insurance Act statutory manager
(1) After the decision that a Life Insurance Act statutory manager will take control of a body corporate’s business is made, APRA must give the body corporate written notice that the Life Insurance Act statutory manager will take, or is taking, control of the business.
Note: Subsections 179AQ(4) and 179AZA(3) also require APRA to give notice of the taking of control.
(2) A Life Insurance Act statutory manager takes control of a body corporate’s business: (a) at the time specified in a notice under this section as the time when the Life Insurance Act statutory manager takes control of the business (which must not be earlier than the notice is given); or (b) if a notice under this section does not specify a time as the time when the Life Insurance Act statutory manager takes control of the business—at the time the notice is given. (3) A notice under subsection (1) is not a legislative instrument.