Section 835C — Corporations Act 2001 (Cth)

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.

Related sections

• s 834C — Effect of statutory management on body corporate’s members
• s 835A — Reporting to Reserve Bank
• s 835B — Reserve Bank’s directions power—directions to statutory manager
• s 836A — Effect on external administration
• s 836B — Appointment of 2 or more statutory managers of body corporate
• s 836C — Costs of statutory management

Research how courts apply s 835C

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