Section 832C — Corporations Act 2001: When a statutory manager is in control

(1) A statutory manager takes control of a body corporate’s business: (a) at the time specified in the notice given under subsection 832A(5) as the time when the statutory manager takes control of the business (which must not be earlier than when the notice is given); or (b) if the notice given under that subsection does not specify a time as the time when the statutory manager takes control of the business—at the time the notice is given. (2) A statutory manager ceases to be in control of a body corporate’s business: (a) if the statutory manager is the Reserve Bank and the Reserve Bank decides under subsection 832B(1) to cease to be in control of the body corporate’s business: (i) at the time specified in the notice given under subsection 832B(2) as the time when Reserve Bank ceases to be in control of the business (which must not be earlier than when the notice is given); or (ii) if the notice given under subsection 832B(2) does not specify a time as the time when the Reserve Bank ceases to be in control of the business—at the time the notice is given; or (b) if the Reserve Bank terminates the appointment of the statutory manager under subsection 832B(4): (i) at the time specified in the notice given to the body corporate under subsection 832B(5) as the time when the termination takes effect (which must not be earlier than when the notice is given); or (ii) if the notice given to the body corporate under subsection 832B(5) does not specify a time as the time when the termination takes effect—at the time the notice is given. (3) While a statutory manager is in control of a body corporate’s business, the body corporate is under statutory management. (4) To avoid doubt, a body corporate does not cease to be under statutory management when a statutory manager of the body corporate is replaced with another statutory manager. (5) The Public Governance, Performance and Accountability Act 2013 does not apply to a body corporate under statutory management.