Section 833A — Corporations Act 2001 (Cth)

(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; and

(b) may carry on that business and manage that property and those affairs; and

(c) at the direction of or with the written consent of the Reserve Bank:

(i) may terminate or dispose of all or part of that business; and

(ii) may dispose of any of that property; and

(d) may perform any function, and exercise any power, that the body corporate or any of its officers could perform or exercise under the operating rules or procedures of a licensed CS facility of which the body corporate is the licensee; and

(e) may perform any other function, and exercise any other power, that the body corporate or any of its officers could perform or exercise if a statutory manager were not in control of the body corporate’s business.

Note: An expert report on fair value may be required before taking action: see section 849CB.

(2) Nothing in subsection (1) limits the generality of anything else in it.

Limitations

(3) This section does not permit the statutory manager to:

(a) alter the body corporate’s constitution or other arrangements for governance other than in accordance with section 833C; or

(b) recapitalise other than in accordance with section 833D; or

(c) effect a transfer of all or part of the shares in the body corporate or a total or partial transfer of the business of the body corporate, other than in accordance with Division 4 (compulsory transfers).

Meaning of property

(4) In this Part, property of a body corporate includes any PPSA retention of title property of the body corporate.

Note: See also:

(a) the definition of property in section 9; and

(b) section 51F (meaning of PPSA retention of title property).

Related sections

• s 832A — Statutory manager takes control of body corporate
• s 832B — Termination of appointment of statutory manager
• s 832C — When a statutory manager is in control
• s 833B — Powers to remove director etc.
• s 833C — Power to alter body corporate’s constitution etc.
• s 833D — Powers to facilitate recapitalisation

Research how courts apply s 833A

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.