Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf a statutory manager of a body corporate (other than the Reserve Bank) has reasonable grounds to believe that an action that the statutory manager proposes to take is an action that is likely to pose a threat to:
(a) the stability of the financial system in Australia; or
(b) the continuity of one or more clearing and settlement facility services that are critical to the functioning of the financial system in Australia;
the statutory manager must, before taking the action:
(c) notify the Reserve Bank in writing as soon as practicable; and
(d) obtain the Reserve Bank's written consent.