Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:1_79
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 1 cl 79
Character Range: 50951–51784

79  Subsection 13C(1)
Repeal the subsection, substitute:

Conditions necessary for termination of control
 (1) If APRA assumes control of a body corporate's business or appoints an administrator of a body corporate's business, APRA must ensure that either it or an administrator of the body corporate's business has control of the body corporate's business until:
 (a) APRA considers that it is no longer necessary for it or an administrator to remain in control of the body corporate's business; or
 (b) APRA has applied for the body corporate to be wound up.
A termination of control that is permitted under this section is called an ultimate termination of control.
Note: This provision does not prevent a change, or changes, between control of a body corporate's business by APRA and an administrator or between administrators.