453X
In forceProperty subject to a banker’s lien—exemption from this Subdivision
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.3BRestructuring of a company
Division 2Restructuring
Subdivision EEffect on company etc. during restructuring
453X Property subject to a banker’s lien—exemption from this Subdivision
If:
(a)
a company is under restructuring; and
(b)
property of the company consists of:
(i)
cash in the form of notes or coins; or
(ii)
a negotiable instrument; or
(iii)
a security (as defined by subsection 92(1)); or
(iv)
a derivative; and
(c)
the property is subject to a possessory security interest; and
(d)
the secured party is:
(i)
an ADI (within the meaning of the Banking Act 1959); or
(ii)
the operator of a clearing and settlement facility;
this Subdivision does not apply to the property.
This Act’s bill:Explanatory memorandumSecond reading speech
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