Section 835B — Corporations Act 2001 (Cth)

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) may vary such a direction.

(2) A statutory manager who is given a direction, or a varied direction, under subsection (1) must:

(a) comply with the direction; or

(b) immediately:

(i) request the Reserve Bank to vary the direction; and

(ii) provide the Reserve Bank with information relating to the control of the body corporate’s business that is relevant to its request.

(3) If the Reserve Bank refuses to vary the direction, the statutory manager must comply with the direction.

Related sections

• s 834B — Effect of things done during statutory management of body corporate
• s 834C — Effect of statutory management on body corporate’s members
• s 835A — Reporting to Reserve Bank
• s 835C — Consent to take action that may affect financial system stability in Australia
• s 836A — Effect on external administration
• s 836B — Appointment of 2 or more statutory managers of body corporate

Research how courts apply s 835B

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