Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) APRA may, at any time, by written notice given to a manager, terminate the appointment of the manager with effect from the day specified in the notice. When the termination takes effect:
(a) the manager is divested of the functions and powers referred to in subsection 70(1); and
(b) all of the other functions and powers of the manager in relation to the fund cease.
(2) If APRA terminates the appointment of an external manager, it may, in writing, appoint another external manager to carry on the external management.
(3) If APRA terminates the appointment of a terminating manager, it must, in writing, appoint another terminating manager to carry on the terminating management, unless:
(a) the Federal Court has ordered under section 43 an end to the termination of the health benefits funds in question; or
(b) the termination of those funds has been completed, and the terminating manager has reported to APRA in accordance with paragraph 47(1)(a).
(4) If APRA terminates the appointment of a manager of a health benefits fund but does not appoint another manager as mentioned in subsection (2) or (3), then:
(a) subsection 70(2) ceases to have effect; and
(b) officers, employees and external administrators may resume performing or exercising powers and functions in relation to the fund, subject to any directions made by the Federal Court under subsection 43(4).
Note: In the case of terminating the appointment of a terminating
manager, this subsection is not intended to imply that APRA has a discretion
not to appoint another terminating manager, if subsection (3) requires
another terminating manager to be appointed.