Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:3_62u
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 3 cl 62U
Character Range: 117754–119063

62U  Effect on external administrator of judicial manager managing general insurer

 (1) The appointment of an external administrator of a general insurer is terminated when the management of the general insurer vests in the judicial manager appointed by the Federal Court.

 (2) An external administrator of a general insurer must not be appointed while the management of the general insurer is vested in the judicial manager appointed by the Federal Court.

 (3) If:
 (a) a person who ceased to be the external administrator of a general insurer under subsection (1); or
 (b) a purported external administrator of a general insurer appointed in contravention of subsection (2);
purports to act in relation to the general insurer's business while the management of the general insurer is vested in a judicial manager, the purported act is invalid and of no effect.

 (4) As soon as possible after the Federal Court orders the judicial management of a general insurer and appoints a judicial manager, the judicial manager must inform the external administrator (if any) of the general insurer that the management of the general insurer vests in the judicial manager when the judicial management commences. However, failure to inform the external administrator does not affect the operation of this section.