Document ID: chunk:federal_register_of_legislation:C2024C00373:section:5:p2
Version: federal_register_of_legislation:C2024C00373
Segment Type: section
Provision Reference: s 5 (pt 2/7)
Character Range: 6892–9713

within the limits of the Commonwealth.
derivative has the same meaning as in Chapter 7 of the Corporations Act 2001.
direction stay provision means any of the following:
 (aa) subsection 11CAC(2) of the Banking Act 1959;
 (a) subsection 11CD(1A) of the Banking Act 1959;
 (b) subsection 13N(2) of the Banking Act 1959;
 (baa) subsection 77(2) of the Financial Accountability Regime Act 2023;
 (ba) subsection 36C(2) of the Insurance Act 1973;
 (c) subsection 103K(2) of the Insurance Act 1973;
 (d) subsection 105(1A) of the Insurance Act 1973;
 (da) subsection 230AAD(2) of the Life Insurance Act 1995;
 (e) subsection 230AJ(2) of the Life Insurance Act 1995;
 (f) subsection 230C(1A) of the Life Insurance Act 1995;
 (g) subsection 101(2) of the Private Health Insurance (Prudential Supervision) Act 2015.
eligible obligation has the meaning given by section 14A.
external administration: a person goes into external administration if:
 (a) they become a body corporate that is a Chapter 5 body corporate within the meaning of the Corporations Act 2001; or
 (b) they become an individual who is an insolvent under administration; or
 (c) someone takes control of the person's property for the benefit of the person's creditors because the person is, or is likely to become, insolvent; or
 (d) a Banking Act statutory manager takes control of the person's business under the Banking Act 1959; or
 (daa) a statutory manager takes control of the person's business under the Corporations Act 2001; or
 (da) an Insurance Act statutory manager takes control of the person's business under the Insurance Act 1973; or
 (db) a Life Insurance Act statutory manager takes control of the person's business under the Life Insurance Act 1995; or
 (e) the person comes under judicial management under the Insurance Act 1973; or
 (f) the person, or a part of the person's business, comes under judicial management under the Life Insurance Act 1995.
external administrator, for a person who goes into external administration, is:
 (a) if, within the meaning of the Corporations Act 2001, the person is a company that is under restructuring or that has made a restructuring plan that has not yet terminated—the restructuring practitioner (within the meaning of that Act) for the company or for the plan; and
 (b) otherwise—the person who takes control of the property, part of the property, the business, or part of the business, of the person under the administration.
financial property means any of the following property, regardless of whether the property (or, for paragraph (h), the intermediary or the account) is in Australia or elsewhere:
 (a) a security (within the meaning of subsections 92(1) and (2) of the Corporations Act 2001);
 (b) a derivative;
 (c) a financial product (within the meaning of the Corporations Act 2001)