Document ID: chunk:federal_register_of_legislation:C2025C00157:section:88
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 88
Character Range: 357534–358387

88  Application for order for judicial trusteeship
 (1) APRA may apply to the Federal Court for an order that a designated security trust fund be placed under judicial trusteeship.
 (2) A party to the trust deed of a designated security trust fund may apply to the Federal Court for an order that the fund be placed under judicial trusteeship.
 (3) A person is not entitled to make an application under subsection (2) unless:
 (a) the person has given APRA at least one month's notice in writing of the person's intention to apply; or
 (b) the Federal Court grants leave to make the application.
 (4) On an application by APRA:
 (a) Lloyd's; and
 (b) a party to the fund's trust deed;
are entitled to be heard.
 (5) On an application by a party to the fund's trust deed:
 (a) APRA; and
 (b) any other party to the trust deed;
are entitled to be heard.