Document ID: chunk:federal_register_of_legislation:C2025C00135:section:179aq
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 179AQ
Character Range: 318289–319673

179AQ  Effect on external administrator of Life Insurance Act statutory manager taking control of a body corporate's business
 (1) The appointment of an external administrator of a body corporate is terminated when a Life Insurance Act statutory manager takes control of the body corporate's business.
Note: For the definition of external administrator, see Schedule 1.
 (2) An external administrator of a body corporate must not be appointed while a Life Insurance Act statutory manager is in control of the body corporate's business unless APRA approves the appointment.
 (3) If a person who ceased to be the external administrator of a body corporate under subsection (1), or a purported external administrator of the body corporate appointed in contravention of subsection (2), purports to act in relation to the body corporate's business while a Life Insurance Act statutory manager has control of the body corporate's business, those acts are invalid and of no effect.
 (4) APRA must inform the external administrator of a body corporate that a Life Insurance Act statutory manager will take control of the body corporate's business as soon as possible after the decision that a Life Insurance Act statutory manager will take control of the body corporate's business is made. However, failure to inform the external administrator does not affect the operation of this section.