Commonwealth Consolidated Acts

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Order of Federal Court on report of judicial manager

             (1)  On an application for an order to give effect to a course or courses of action recommended in a report under section 62ZI:

                     (a)  APRA and any other person interested is entitled to be heard; and

                     (b)  the Federal Court may make an order giving effect to such course or courses of action as it considers in the circumstances to be most advantageous to the general interest of the policyholders of the general insurer concerned, while promoting financial system stability in Australia.

             (2)  The course or courses of action to which an order may give effect may be one or more of the following:

                     (a)  one or more of the courses of action set out in subsection 62ZI(2);

                     (b)  one or more other courses of action.

             (3)  An order under this section:

                     (a)  is binding on all persons; and

                     (b)  takes effect despite anything in any of the following:

                              (i)  the Corporations Act 2001 (without limiting the scope of section 127B of this Act);

                             (ii)  the constitution or other rules of the general insurer;

                            (iii)  any contract or arrangement to which the general insurer is party;

                            (iv)  any listing rules of a financial market in whose official list the general insurer is included.

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