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LIFE INSURANCE ACT 1995 - SECT 179AQ

Effect on external administrator of Life Insurance Act statutory manager taking control of a body corporate's business

  (1)   The appointment of an external administrator of a body corporate is terminated when a Life Insurance Act statutory manager takes control of the body corporate's business.

Note:   For the definition of external administrator , see Schedule   1.

  (2)   An external administrator of a body corporate must not be appointed while a Life Insurance Act statutory manager is in control of the body corporate's business unless APRA approves the appointment.

  (3)   If a person who ceased to be the external administrator of a body corporate under subsection   (1), or a purported external administrator of the body corporate appointed in contravention of subsection   (2), purports to act in relation to the body corporate's business while a Life Insurance Act statutory manager has control of the body corporate's business, those acts are invalid and of no effect.

  (4)   APRA must inform the external administrator of a body corporate that a Life Insurance Act statutory manager will take control of the body corporate's business as soon as possible after the decision that a Life Insurance Act statutory manager will take control of the body corporate's business is made. However, failure to inform the external administrator does not affect the operation of this section.


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