Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) APRA may terminate the appointment of an administrator of a body corporate's business and either appoint another person as administrator of the body corporate's business or itself take control of the body corporate's business if:
(a) the administrator contravenes a requirement of this Division; or
(b) APRA considers such action necessary to:
(i) facilitate the resolution of the body corporate, a relevant group of bodies corporate of which the body corporate is a member, or another member of such a group; or
(ii) if the body corporate is an ADI--protect the interests of depositors of the ADI; or
(iii) promote financial system stability in Australia.
(2) The terms and conditions of an administrator's appointment may provide for termination in circumstances in addition to those mentioned in subsection (1).
(a) APRA is the statutory manager of a body corporate; and
(b) the requirement in paragraph (1)(b) is satisfied;
it may cease to be the statutory manager of the body corporate and appoint a person as administrator of the body corporate's business.
(3) This section has effect subject to section 13C.