Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 179AU

  (1)   Section   440B of the Corporations Act 2001 applies during a period in which a Life Insurance Act statutory manager is in control of a body corporate's business in the same way it applies during the administration of a company.

  (2)   For the purposes of this section, treat the reference in paragraph   440B(2)(a) of the Corporations Act 2001 to the administrator's written consent as being a reference to:

  (a)   the Life Insurance Act statutory manager's written consent; or

  (b)   APRA's written consent.

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

  (4)   This section applies despite sections   179AR, 179AS and 179AT.