Section 834C — Corporations Act 2001: Effect of statutory management on body corporate’s members

Transfer of shares (1) A transfer of shares in a body corporate that is made during the statutory management of the body corporate is void except if: (a) both: (i) the statutory manager or the Reserve Bank gives written consent to the transfer; and (ii) that consent is unconditional; or (b) all of the following subparagraphs apply: (i) the statutory manager or the Reserve Bank gives written consent to the transfer; (ii) that consent is subject to one or more specified conditions; (iii) those conditions have been satisfied; or (c) the transfer is done to give effect to an action under section 833D (recapitalisation actions) by the statutory manager; or (d) the transfer is done to give effect to a transfer under Division 4 (compulsory transfers). Alteration in the status of members (2) An alteration in the status of members of a body corporate that is made during the statutory management of the body corporate is void except if: (a) both: (i) the statutory manager or the Reserve Bank gives written consent to the alteration; and (ii) that consent is unconditional; or (b) all of the following subparagraphs apply: (i) the statutory manager or the Reserve Bank gives written consent to the alteration; (ii) that consent is subject to one or more specified conditions; (iii) those conditions have been satisfied; or (c) the alteration is done to give effect to an action under section 833D (recapitalisation actions) by the statutory manager; or (d) the alteration is done to give effect to a transfer under Division 4 (compulsory transfers). (3) As soon as practicable after an alteration in the status of members of a body corporate is made during the statutory management of the body corporate, the statutory manager must give a written notice: (a) to the persons who were members of the body just before the alteration; and (b) that: (i) identifies the alteration; and (ii) explains the effect of the alteration on the members’ interests. (4) A contravention of subsection (3) does not affect the validity of the alteration.