Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .

Division 2 - Restructuring  

Subdivision E - Effect on company etc. during restructuring  

SECTION 453X  

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.