Document ID: chunk:federal_register_of_legislation:C2005C00497:clause:2_8
Version: federal_register_of_legislation:C2005C00497
Segment Type: clause
Provision Reference: sch 2 cl 8
Character Range: 7682–9656

8  Subsection 11CA(2)
Repeal the subsection, substitute:

 (2) The kinds of direction that the body corporate may be given are directions to do, or to cause a body corporate that is its subsidiary to do, any one or more of the following:
 (a) to comply with the whole or a part of a prudential regulation or a prudential standard;
 (b) to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA;
 (c) to remove a director, secretary, executive officer or employee of the body corporate from office;
 (d) to ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA;
 (e) to appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs;
 (f) to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs;
 (g) not to give any financial accommodation to any person;
 (h) not to accept the deposit of any amount;
 (i) not to borrow any amount;
 (j) not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given;
 (k) not to repay any amount paid on shares;
 (l) not to pay a dividend on any shares;
 (m) not to repay any money on deposit or advance;
 (n) not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so;
 (o) not to undertake any financial obligation (contingent or otherwise) on behalf of any other person;
 (p) anything else as to the way in which the affairs of the body corporate are to be conducted or not conducted.
A direction under paragraph (n) not to pay or transfer any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution.