Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 15BB

  (1)   A person must not dispose of property if:

  (a)   the property is owned by another person; and

  (b)   the other person is a body corporate; and

  (c)   a Banking Act statutory manager is in control of the body corporate's business.

Note:   The Federal Court of Australia may grant an injunction under section   65A in respect of a contravention of this subsection.

  (2)   Subsection   (1) does not apply if:

  (a)   APRA consents to the disposal; or

  (b)   the Banking Act statutory manager consents to the disposal.

  (3)   Neither APRA nor the Banking Act statutory manager is liable to an action or other proceedings for damages in respect of a refusal to give consent under subsection   (2).

  (4)   This section has effect subject to section   31B.