Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 13BA

             (1)  After the decision that an ADI statutory manager will take control of an ADI's business is made, APRA must give the ADI written notice that the ADI statutory manager will take, or is taking, control of the business.

Note:          Subsections 15A(4) and 16A(3) also require APRA to give notice of the taking of control.

             (2)  An ADI statutory manager takes control of an ADI's business:

                     (a)  at the time specified in a notice under this section as the time when the ADI 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 ADI 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.