Financial Sector (Transfer and Restructure) Act 1999

This section applies if a body corporate covered by subsection (2) is or was party to a contract, whether the proper law of the contract is:

Australian law (including the law of a State or Territory); or

law of a foreign country (including the law of part of a foreign country).

This subsection covers the following:

a body corporate that is, or is proposed to become, a transferring body;

a body corporate that is a member of a relevant group of bodies corporate, if another member of that group is, or is proposed to become, a transferring body.

None of the matters mentioned in subsection (4) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:

deny any obligations under the contract;

accelerate any debt under the contract;

close out any transaction relating to the contract;

enforce any security under the contract.

The matters are as follows:

an act being done for the purposes of Division 2 or 3, or a certificate of transfer coming into force under Division 3, in connection with the body corporate;

if the body corporate is a member of a relevant group of bodies corporate—an act being done for the purposes of Division 2 or 3, or a certificate of transfer coming into force under Division 3, in connection with another member of the group.