Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A judicial manager appointed to manage a life company or part of the business of a life company may apply to the Court for an order cancelling the judicial management.
(2) Any other interested person may apply to the Court for an order cancelling the judicial management of a life company or of part of the business of a life company.
(3) On an application under subsection (1) or (2), the Court may cancel the order for the judicial management of the company, or of that business, if it appears to the Court:
(a) that the purpose of the order has been fulfilled; or
(b) that for any reason it is undesirable that the order remain in force.
(4) Before applying to the Court under subsection (1) or (2), the judicial manager or interested person must:
(a) inform APRA that he or she intends to make the application; and
(b) give APRA written details of the application.
(5) At the time when an order cancelling the judicial management of the life company comes into force:
(a) the judicial manager ceases to have the powers and functions of an officer of the life company; and
(b) the board of directors or other governing body of the life company starts to have those powers; and
(c) if the company is an eligible foreign life insurance company and there is a committee of the company that satisfies the requirements mentioned in subsections 16ZF(1) and (2)--the members of the committee start to have the powers mentioned in that section.
(6) APRA is entitled to be heard on any application made under
subsection (1) or (2).