Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

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 (as defined in Chapter 7 ); 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 (within the meaning of section 768A );

this Subdivision does not apply to the property.


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