Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2), if the Court has made an order:
(a) placing a company under judicial management; or
(b) placing part of the business of a company under judicial management;
then, at the time the judicial management commences:
(c) any person vested with the management of the company, or of that business, immediately before that time is divested of that management; and
(d) the management of the company, or of that business, vests in the judicial manager appointed by the Court; and
(e) the judicial manager has the powers and functions of the members of the board of directors of the company (collectively and individually), including the board's powers of delegation.
(2) A life company may not issue policies without the leave of the Court if the company, or any part of the business of the company, is under judicial management.
(3) Subsection (2) does not prevent the variation of a policy under section 209.
(4) To avoid doubt, if the life company is an eligible foreign life insurance company, paragraphs (1)(c) and (d) do not apply to the extent that the management of the company, or of the business, relates to life insurance business carried on outside Australia by the company (see section 16ZE).