Banking Act 1959

S 11CD(1) substituted by No 10 of 2018, s 3 and Sch 1 item 43, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11CD(1) formerly read:

(1)
This section applies if an ADI, authorised NOHC or subsidiary of an ADI or authorised NOHC is 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).

S 11CD(1) and (1A) substituted for s 11CD(1) by No 105 of 2008, s 3 and Sch 2 item 4, applicable to contracts made after 18 October 2008. S 11CD(1) formerly read:

(1)
Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC, or a subsidiary of the ADI or NOHC, is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract.

S 11CD(1) amended by No 116 of 2003, s 3 and Sch 2 item 10, by inserting " , or a subsidiary of the ADI or NOHC, " after " NOHC " (second occurring), effective 28 November 2003.

S 11CD(1A) substituted by No 10 of 2018, s 3 and Sch 1 item 43, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11CD(1A) formerly read:

(1A)
The fact that the ADI or authorised NOHC is subject to a direction by APRA under Subdivision A or B or section 29 does not allow the contract, or a party to the contract, other than the ADI, NOHC or subsidiary, to do any of the following:

(a) deny any obligations under that contract;

(b) accelerate any debt under that contract;

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

(d) enforce any security under that contract.

This subsection has effect subject to subsections (2) and (3) of this section and section 31B.

S 11CD(1A) amended by No 43 of 2016, s 3 and Sch 1 items 36 and 37, by inserting para (d) and " of this section and section 31B " , applicable in relation to the enforcement of a security after 1 June 2016, even if the security was given before 1 June 2016.

S 11CD(1A) amended by No 125 of 2011, s 3 and Sch 1 item 10, by inserting " or section 29 " , effective 17 October 2011.

S 11CD(1) and (1A) substituted for s 11CD(1) by No 105 of 2008, s 3 and Sch 2 item 4, applicable to contracts made after 18 October 2008.

S 11CD(1B) inserted by No 10 of 2018, s 3 and Sch 1 item 43, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA.

S 11CD(2) substituted by No 10 of 2018, s 3 and Sch 1 item 43, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11CD(2) formerly read:

(2)
If the ADI, NOHC or subsidiary is prevented from fulfilling its obligations under the contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(m), or because of a direction under section 29, the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract.

S 11CD(2) amended by No 125 of 2011, s 3 and Sch 1 item 11, by inserting " or because of a direction under section 29, " , effective 17 October 2011.

S 11CD(2) amended by No 105 of 2008, s 3 and Sch 2 item 5, by substituting " the ADI, NOHC or subsidiary is prevented from fulfilling its obligations under the " for " an ADI or an authorised NOHC, or a subsidiary of an ADI or of an authorised NOHC, is prevented from fulfilling its obligations under a " , applicable to contracts made after 18 October 2008.

S 11CD(2) amended by No 116 of 2003, s 3 and Sch 2 items 11 and 12, by inserting " , or a subsidiary of an ADI or of an authorised NOHC, " after " NOHC " (first occurring) and substituting " 11CA(2)(m) " for " 11CA(2)(k) " , effective 28 November 2003.

S 11CD(3) amended by No 125 of 2011, s 3 and Sch 1 item 12, by inserting " or section 29 " after " Subdivision A " (wherever occurring), effective 17 October 2011.