50The basis of the law relating to external management

#### 50 The basis of the law relating to external management (1) The external management of a health benefits fund is regulated: (a) by the provisions of this Division; and (b) by the provisions of Divisions 6, 7, 8, 10, 11, 11AA, 13 and 16 of Part 5.3A of Chapter 5 of the Corporations Act 2001 Division 7A of Part 5.6 of Chapter 5 of that Act and Divisions 75 and 90 of Schedule 2 to that Act, all applying, so far as they are capable of so doing, subject to such modifications as are set out in: (i) this Act; or (ii) APRA rules made for the purpose of this subparagraph. (2) A health benefits fund cannot be placed under external administration, or dealt with as a fund under external administration, except in accordance with this Part. (3) Subject to this Part, any provisions of a law of the Commonwealth, or of a State or Territory, that, but for this section, would relate to the external administration of such a fund cease, by force of this section, to apply in relation to the fund. (4) In the application of the provisions of the Corporations Act 2001 referred to in subsection (1) in relation to the external management of a health benefits fund, those provisions apply as if: (a) a reference to the company were a reference to the fund; and (b) a reference to the administrator or external administrator were a reference to the external manager of the fund appointed under this Act; and (c) a reference to the Court were a reference to the Federal Court. (5) APRA rules referred to in subparagraph (1)(b)(ii) may provide for different modifications according to the nature of the health benefits fund that is to be, or that is being, administered.