Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) While a statutory manager of a body corporate is in control of the business of the body corporate the statutory manager:
(a) has control of the body corporate's business, property and affairs; and
(b) may carry on that business and manage that property and those affairs; and
(c) at the direction of or with the written consent of the Reserve Bank:
(i) may terminate or dispose of all or part of that business; and
(ii) may dispose of any of that property; and
(d) may perform any function, and exercise any power, that the body corporate or any of its officers could perform or exercise under the operating rules or procedures of a licensed CS facility of which the body corporate is the licensee; and
(e) may perform any other function, and exercise any other power, that the body corporate or any of its officers could perform or exercise if a statutory manager were not in control of the body corporate's business.
Note: An expert report on fair value may be required before taking action: see section 849CB.
(2) Nothing in subsection (1) limits the generality of anything else in it.
(3) This section does not permit the statutory manager to:
(a) alter the body corporate's constitution or other arrangements for governance other than in accordance with section 833C; or
(b) recapitalise other than in accordance with section 833D; or
(c) effect a transfer of all or part of the shares in the body corporate or a total or partial transfer of the business of the body corporate, other than in accordance with Division 4 (compulsory transfers).
Meaning of property
(4) In this Part, property of a body corporate includes any PPSA retention of title property of the body corporate.
Note: See also:
(a) the definition of property in section 9; and
(b) section 51F (meaning of PPSA retention of title property ).