Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZOT

  (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)   an Insurance Act statutory manager is in control of the body corporate's business.

Note:   The Federal Court may grant an injunction under section   129D in respect of a contravention of this subsection.

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

  (a)   APRA consents to the disposal; or

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

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