Section 836C — Corporations Act 2001 (Cth)

(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 manager in control of a body corporate’s business;

are payable from the body corporate’s funds and are a debt due to the Reserve Bank.

(2) Despite anything contained in this Act or any other law relating to the winding up of companies, debts due to the Reserve Bank by a body corporate under subsection (1) have priority in a winding‑up of the body corporate over all other unsecured debts.

Related sections

• 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
• s 836D — Annual general meeting need not be held
• s 836E — Dealing with property subject to circulating security interests
• s 836F — When statutory manager may dispose of encumbered property

Research how courts apply s 836C

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