Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The appointment of an external administrator of a body corporate is terminated when a Banking Act statutory manager takes control of the body corporate's business.
(2) An external administrator of a body corporate must not be appointed while a Banking Act statutory manager is in control of the body corporate's business unless APRA approves the appointment.
(3) If a person who ceased to be the external administrator of a body corporate under subsection (1), or a purported external administrator of the body corporate appointed in contravention of subsection (2), purports to act in relation to the body corporate's business while a Banking Act statutory manager has control of the body corporate's business, those acts are invalid and of no effect.
(4) APRA must inform the external administrator of a body
corporate that a Banking Act statutory manager will take control of the body
corporate's business as soon as possible after the decision that a
Banking Act statutory manager will take control of the body corporate's
business is made. However, failure to inform the external administrator does
not affect the operation of this section.