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 .
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.
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