Document ID: chunk:federal_register_of_legislation:C2025C00185:section:834c
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 834C
Character Range: 3284731–3286918

834C  Effect of statutory management on body corporate's members

Transfer of shares
 (1) A transfer of shares in a body corporate that is made during the statutory management of the body corporate is void except if:
 (a) both:
 (i) the statutory manager or the Reserve Bank gives written consent to the transfer; and
 (ii) that consent is unconditional; or
 (b) all of the following subparagraphs apply:
 (i) the statutory manager or the Reserve Bank gives written consent to the transfer;
 (ii) that consent is subject to one or more specified conditions;
 (iii) those conditions have been satisfied; or
 (c) the transfer is done to give effect to an action under section 833D (recapitalisation actions) by the statutory manager; or
 (d) the transfer is done to give effect to a transfer under Division 4 (compulsory transfers).

Alteration in the status of members
 (2) An alteration in the status of members of a body corporate that is made during the statutory management of the body corporate is void except if:
 (a) both:
 (i) the statutory manager or the Reserve Bank gives written consent to the alteration; and
 (ii) that consent is unconditional; or
 (b) all of the following subparagraphs apply:
 (i) the statutory manager or the Reserve Bank gives written consent to the alteration;
 (ii) that consent is subject to one or more specified conditions;
 (iii) those conditions have been satisfied; or
 (c) the alteration is done to give effect to an action under section 833D (recapitalisation actions) by the statutory manager; or
 (d) the alteration is done to give effect to a transfer under Division 4 (compulsory transfers).
 (3) As soon as practicable after an alteration in the status of members of a body corporate is made during the statutory management of the body corporate, the statutory manager must give a written notice:
 (a) to the persons who were members of the body just before the alteration; and
 (b) that:
 (i) identifies the alteration; and
 (ii) explains the effect of the alteration on the members' interests.
 (4) A contravention of subsection (3) does not affect the validity of the alteration.

Subdivision D—Additional duties of statutory manager