Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.