Document ID: chunk:federal_register_of_legislation:C2025C00165:section:13ba
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 13BA
Character Range: 123710–124669

13BA  Start of control of body corporate's business by Banking Act statutory manager
 (1) After the decision that a Banking Act statutory manager will take control of a body corporate's business is made, APRA must give the body corporate written notice that the Banking Act statutory manager will take, or is taking, control of the business.
Note: Subsections 15A(4) and 16A(3) also require APRA to give notice of the taking of control.
 (2) A Banking Act statutory manager takes control of a body corporate's business:
 (a) at the time specified in a notice under this section as the time when the Banking Act statutory manager takes control of the business (which must not be earlier than the notice is given); or
 (b) if a notice under this section does not specify a time as the time when the Banking Act statutory manager takes control of the business—at the time the notice is given.
 (3) A notice under subsection (1) is not a legislative instrument.