10. Actions APRA may take

(1) If APRA is satisfied that the execution of the deed as recommended in the report of the external manager will, in the circumstances, be in the interests of policy holders of the fund, APRA must, by written notice:

1. inform the external manager that it approves the execution of the deed; and
2. request the preparation of the deed for execution.

(2) If APRA is not satisfied that the execution of the deed as recommended in the report of the external manager will be, in the circumstances, in the interests of policy holders of the fund, APRA must, by written notice:

1. inform the external manager to that effect; and
2. request that the external manager:

(i) seek another meeting of the creditors to consider a further voluntary deed of arrangement; or

(ii) examine other possible courses of action,

and, on the basis of that further meeting or examination, to make a further report to APRA under section 59 of the Act within a time specified by APRA.

(3) If the external manager provides a further report to APRA in accordance with paragraph (2) (b), this rule, other than subparagraph (2) (b) (i), applies in respect of that report as if it were the original report of the external manager.

Part 3 – Modifications of terms in applied Corporations Act provisions