Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 2 - Protection of depositors  

Subdivision B - Provisions dealing with control of a body corporate ' s business by a Banking Act statutory manager  

SECTION 15C   Certain circumstances not grounds for denial of obligations  

(1)  
This section applies if a body corporate is party to a contract, whether the proper law of the contract is:


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


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

(2)  
None of the matters mentioned in subsection (3) allow the contract, or a party to the contract (other than the body corporate), to do any of the following:


(a) deny any obligations under the contract;


(b) accelerate any debt under the contract;


(c) close out any transaction relating to the contract;


(d) enforce any security under the contract.

This subsection has effect subject to section 31B .

(3)  
The matters are as follows:


(a) a Banking Act statutory manager being in control, or being appointed to take control, of the business of the body corporate;


(b) if the body corporate is a member of a relevant group of bodies corporate - a Banking Act statutory manager being in control, or being appointed to take control, of the business of another member of the group.




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