Document ID: chunk:federal_register_of_legislation:C2025C00185:section:849aa
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 849AA
Character Range: 3375437–3376314

849AA  Reserve Bank may apply for body corporate to be wound up
 (1) The Reserve Bank may apply under section 459P to the Court for an order that a body corporate be wound up in insolvency if:
 (a) a condition in section 831A is satisfied in relation to a CS facility licensee; and
 (b) the body corporate:
 (i) is the CS facility licensee; or
 (ii) is a related body corporate of the CS facility licensee and is incorporated in Australia; or
 (iii) was a related body corporate of the CS facility licensee before a transfer of business or shares under this Part and is incorporated in Australia; and
 (c) the Reserve Bank considers that the body corporate is insolvent and could not be restored to solvency within a reasonable period.
 (2) If the Reserve Bank makes an application under section 459P, the Reserve Bank must inform ASIC of the application as soon as possible.