Limited validation of certain financial transactions
11AA Limited validation of certain financial transactions
If—
an authority to which this section applies entered into, or purported to enter into, a financial transaction that was not, or may not have been, a financial arrangement of a kind that the authority was authorised to enter into under section 4 and 11 or section 11; and
another party to the financial transaction entered into the financial transaction in good faith and with no reason to suspect, at the time of entering into the financial transaction, that the transaction was not a financial arrangement of a kind that the authority was authorised to enter into under section 4 and 11 or section 11—
the financial transaction may be enforced as if it were a financial arrangement which the authority had been authorised to enter into.
Subsection (1) applies in relation to transactions entered into whether before or after the commencement of section 4 of the Borrowing and Investment Powers (Further Amendment) Act 1991.
S. 11AB inserted by No. 85/1994 s. 3.
This Act’s bill:Second reading speech
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