INSURANCE ACT 1973 - SECT 88 Application for order for judicial trusteeship

INSURANCE ACT 1973 - SECT 88

  (1)   APRA may apply to the Federal Court for an order that a designated security trust fund be placed under judicial trusteeship.

  (2)   A party to the trust deed of a designated security trust fund may apply to the Federal Court for an order that the fund be placed under judicial trusteeship.

  (3)   A person is not entitled to make an application under subsection   (2) unless:

  (a)   the person has given APRA at least one month's notice in writing of the person's intention to apply; or

  (b)   the Federal Court grants leave to make the application.

  (4)   On an application by APRA:

  (a)   Lloyd's; and

  (b)   a party to the fund's trust deed;

are entitled to be heard.

  (5)   On an application by a party to the fund's trust deed:

  (a)   APRA; and

  (b)   any other party to the trust deed;

are entitled to be heard.