Section 835C — Corporations Act 2001: Consent to take action that may affect financial system stability in Australia

If a statutory manager of a body corporate (other than the Reserve Bank) has reasonable grounds to believe that an action that the statutory manager proposes to take is an action that is likely to pose a threat to: (a) the stability of the financial system in Australia; or (b) the continuity of one or more clearing and settlement facility services that are critical to the functioning of the financial system in Australia; the statutory manager must, before taking the action: (c) notify the Reserve Bank in writing as soon as practicable; and (d) obtain the Reserve Bank’s written consent.