Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:1_821k
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 1 cl 821K
Character Range: 165941–167424

821K  Notification of appointment of external administrator
 (1) If a person is considering appointing an external administrator of a body corporate that:
 (a) is a CS facility licensee; or
 (b) is a related body corporate of a CS facility licensee and is incorporated in Australia;
the person must give written notice to the Reserve Bank. The notice must be given at least 7 days before an external administrator of the body corporate is appointed.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
 (2) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (3) An external administrator of the body corporate must not be appointed before that time, unless the Reserve Bank approves the appointment.

Invalid acts
 (4) If:
 (a) the body corporate is incorporated in Australia; and
 (b) a purported external administrator of the body corporate, appointed in contravention of subsection (3), purports to act in relation to the body corporate's business;
those acts are invalid and of no effect.

Safe harbour
 (5) Subsection 588G(2) does not apply in relation to a person and a debt incurred by a body corporate if the debt is incurred:
 (a) at a time while this section prevents the appointment of an external administrator; and
 (b) in the ordinary course of the body corporate's business, or with the written consent of the Reserve Bank or by order of the Court.