Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 15

             (1)  The directors of an ADI cease to hold office when an ADI statutory manager takes control of the ADI's business.

Note:          For the definition of director , see subsection (4).

             (2)  A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI's business unless the appointment is made under subsection 13C(2).

             (3)  If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI's business while an ADI statutory manager has control of the ADI's business, those acts are invalid and of no effect.

             (4)  For the purposes of this section, director has the same meaning as it has in the Corporations Act 2001 .