Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 Life Insurance Act statutory manager is in control of the body corporate's business.
Note: The Court may grant an injunction under section 235 in respect of a contravention of this subsection.
(2) Subsection (1) does not apply if:
(a) APRA consents to the disposal; or
(b) the Life Insurance Act statutory manager consents to the disposal.
(3) Neither APRA nor the Life 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).