Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 828R — Exemptions by the regulations or by ASIC
(1) The provisions covered by this section are: (a) the following provisions: (i) the provisions of this Part; (ii) the provisions of regulations made for the purposes of provisions of this Part;…
Section 830A — Simplified outline of this Part
The Reserve Bank may take actions under this Part that are appropriate to manage or respond to a CS facility licensee in crisis. A CS facility licensee is in crisis if certain conditions are met in…
Section 830B — Object of this Part
The object of this Part is to provide for the effective management and resolution of threats posed to: (a) the stability of the financial system in Australia; or (b) the continuity of clearing and…
Section 831A — Reserve Bank may exercise crisis resolution powers if certain conditions are satisfied
(1) The Reserve Bank may take action in accordance with this Part in relation to a CS facility licensee if any of the following conditions are satisfied in relation to the licensee: (a) the licensee…
Section 832A — Statutory manager takes control of body corporate
(1) The Reserve Bank may take either or both of the actions in subsection (2), if the Reserve Bank reasonably believes that the action is appropriate to manage or respond to a condition in section…
Section 832B — Termination of appointment of statutory manager
Termination of control by Reserve Bank (1) The Reserve Bank may, in writing, decide to cease to be in control of the business of a body corporate as a statutory manager. Note: The Reserve Bank may…
Section 832C — 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…
Section 833A — Role of the statutory manager
(1) While a statutory manager of a body corporate is in control of the business of the body corporate the statutory manager: (a) has control of the body corporate’s business, property and affairs;…
Section 833B — Powers to remove director etc.
Without limiting section 833A, the statutory manager of a body corporate has power to do any of the following: (a) remove from office a director of the body corporate; (b) appoint a person as such a…
Section 833C — Power to alter body corporate’s constitution etc.
(1) The statutory manager of a body corporate may alter the body corporate’s constitution or other arrangements for governance if the alteration is reasonably necessary for enabling or facilitating:…
Section 833D — Powers to facilitate recapitalisation
(1) A statutory manager of a body corporate may do one or more of the following acts on terms determined by the statutory manager, at the direction of or with the written consent of the Reserve Bank:…
Section 833E — Statutory manager may request information etc. to be given
(1) A statutory manager of a body corporate may, in writing, request a person to whom subsection (2) applies to: (a) attend on the statutory manager; or (b) give the statutory manager any information…
Section 833F — Statutory manager acts as body corporate’s agent
When performing a function, or exercising a power, as the statutory manager of a body corporate, the statutory manager is taken to be acting as the body corporate’s agent.
Section 834A — Exercise of directors’ powers while body corporate under statutory management
Powers of directors while body corporate under statutory management (1) While a body corporate is under statutory management, a director of the body must not perform or exercise a function or power…
Section 834B — Effect of things done during statutory management of body corporate
A payment made, transaction entered into, or any other act or thing done, in good faith, by the statutory manager of a body corporate under statutory management or with the written consent of the…
Section 834C — 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…
Section 835A — Reporting to Reserve Bank
Duty to report to the Reserve Bank on request (1) If requested by the Reserve Bank, a statutory manager of a body corporate (other than the Reserve Bank) must give the Reserve Bank a written report…
Section 835B — Reserve Bank’s directions power—directions to statutory manager
Duty to follow directions by the Reserve Bank (1) The Reserve Bank: (a) may give a statutory manager of a body corporate a direction relating to the control of the body corporate’s business; and (b)…
Section 835C — 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…
Section 836A — Effect on external administration
Termination of existing external administrator (1) The appointment of an external administrator of a body corporate is terminated when a statutory manager takes control of the body corporate’s…
Section 836B — Appointment of 2 or more statutory managers of body corporate
If there are 2 or more statutory managers of a body corporate: (a) the functions and powers of a statutory manager of the body corporate may be performed or exercised by any one of them, or by any 2…
Section 836C — Costs of statutory management
(1) The Reserve Bank’s costs (including costs in the nature of remuneration and expenses) of: (a) being in control of a body corporate’s business as statutory manager; or (b) having a statutory…
Section 836D — Annual general meeting need not be held
Despite sections 250N and 601BR, a body corporate need not hold an annual general meeting within a particular period if, at the end of that period, the body corporate is under statutory management.
Section 836E — Dealing with property subject to circulating security interests
Scope (1) This section applies if a security interest in property (the secured property) of a body corporate under statutory management: (a) was a circulating security interest when the interest…
Section 836F — When statutory manager may dispose of encumbered property
(1) The statutory manager of a body corporate under statutory management must not dispose of: (a) property of the body corporate that is subject to a security interest; or (b) property (other than…
Section 836G — Proceeds of sale of property
Property subject to a possessory security interest (1) If: (a) a body corporate is under statutory management; and (b) property of the body corporate is subject to a possessory security interest; and…
Section 836H — Supply of essential services
(1) If: (a) a statutory manager of a body corporate requests, or authorises someone else to request, a person or authority (the supplier) to supply an essential service to the body corporate in…
Section 836J — Statutory manager has qualified privilege
A person who is or has been the statutory manager of a body corporate has qualified privilege in respect of a statement that the person has made, whether orally or in writing, in the course of…
Section 836K — Protection of persons dealing with statutory manager
(1) Sections 128 and 129 apply in relation to a body corporate under statutory management as if: (a) a reference in those sections to the company, or to an officer of the company, included a…
Section 837A — Compulsory transfer of shares in body corporate
Transfer of all or part of the shares in a CS facility licensee (1) The Reserve Bank may, in writing, make a determination that there is to be a transfer of all or part of the shares in a CS facility…
Section 837B — Compulsory transfer of business of body corporate
Total or partial transfer of business of CS facility licensee (1) The Reserve Bank may, in writing, make a determination that there is to be a total or partial transfer of business of a CS facility…
Section 837C — When consent of receiving body is in force
(1) The consent of the board of a receiving body referred to in paragraph 837A(1)(c) or (2)(f) or 837B(1)(c) or (2)(f) remains in force until it is withdrawn by the board with the written agreement…
Section 837D — Agreement about how transfer is to be effected
(1) If a determination is made under section 837A or 837B that there is to be a transfer, the target body or the receiving body, or both of those bodies, may provide the Reserve Bank with a written…
Section 837E — Determination may impose conditions
(1) A determination made under section 837A or 837B that there is to be a transfer may impose conditions of either or both of the following kinds: (a) conditions to be complied with by the target…
Section 837F — Determination that transfer is not to take effect
(1) If: (a) the Reserve Bank has made a determination under section 837A or 837B that there is to be a transfer; and (b) the Reserve Bank has not issued a certificate under section 838A that the…
Section 837G — Consultation
(1) Subject to subsection (2) of this section, the Reserve Bank must, before making a determination under subsection 837A(1) or (2) or 837B(1) or (2), consult with the ACCC. (2) The Reserve Bank does…
Section 838A — Certificate of transfer
(1) If: (a) the Reserve Bank has made a determination under section 837A or 837B that there is to be a transfer; and (b) the Reserve Bank reasonably believes that the transfer should go ahead; and…
Section 838B — Time and effect of transfer of shares
(1) When a certificate issued under section 838A for a transfer of shares comes into force, the shares in the target body that are to be transferred, wherever those shares are located, become shares…
Section 838C — Time and effect of transfer of business
(1) When a certificate issued under section 838A for a transfer of business comes into force, the receiving body becomes the successor in law of the target body, to the extent of the transfer. In…
Section 839A — Partial transfer of netting contracts void
(1) This section applies if: (a) a certificate issued under section 838A for a partial transfer of business comes into force; and (b) just before the partial transfer, the target body is a party to:…
Section 839B — Reserve Bank may provide information to receiving body
The Reserve Bank may, in connection with a determination or a possible determination under section 837A or 837B that there is to be a transfer, provide information (including personal information or…
Section 839C — Certificates in relation to land and interests in land
If: (a) a body corporate (the receiving body) becomes, under this Division, the owner of land, or of an interest in land, that is situated in a State or Territory; and (b) there is lodged with the…
Section 839D — Certificates in relation to other assets
(1) If: (a) an asset (other than land or an interest in land) becomes, under this Division, an asset of a body corporate (the receiving body); and (b) there is lodged with the person or authority who…
Section 839E — Documents purporting to be certificates
A document purporting to be a certificate given under this Division is, unless the contrary is established, taken to be such a certificate and to have been properly given.
Section 839F — Construction of references in instruments to target body
If a certificate issued under section 838A for a transfer comes into force, a reference in an instrument of any kind to the target body in relation to: (a) an asset or liability of the target body…
Section 839G — Income or other distribution received by target body
The target body must promptly account to the receiving body for any income or other distribution received by the target body after a certificate of transfer comes into force, if the income or…
Section 839H — Access to books
The target body must, at the request of the receiving body, give the receiving body access to all books in its possession that relate to assets or liabilities transferred under this Division. Note:…
Section 839J — Relationship of Division with other laws etc.
(1) Subject to subsection (3), this Division has effect despite anything in: (a) any other law of the Commonwealth or of a State or Territory; or (b) any contract, deed, undertaking, agreement or…
Section 839K — Reserve Bank’s rules may make special provision in relation to compulsory transfer
Compulsory transfer of shares (1) The Reserve Bank may, by legislative instrument, make rules in relation to any of the following matters in relation to a transfer of shares, or proposed transfer of…
Section 840A — Reserve Bank’s directions power—manage or respond to crisis
(1) The Reserve Bank may, in writing, give a body corporate a direction to do, or refrain from doing, specified acts or things, if: (a) the body corporate: (i) is a CS facility licensee; or (ii) is a…