Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 15A

             (1)  The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI's business.

Note:          For the definition of external administrator , see subsection (5).

             (2)  An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI's business unless APRA approves the appointment.

             (3)  If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed 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)  APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI's business as soon as possible after the decision that an ADI statutory manager will take control of the ADI's business is made. However, failure to inform the external administrator does not affect the operation of this section.