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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  

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SECTION 14AC   Act under section 14AA not ground for denial of obligations  

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(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) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:


(a) deny any obligation 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.

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(3)    
The matters are as follows:


(a) a Banking Act statutory manager of the body corporate doing an act under subsection 14AA(1) relating to the body corporate;


(b) if the body corporate is a member of a relevant group of bodies corporate - a Banking Act statutory manager of another member of the group doing an act under subsection 14AA(1) relating to that other member.

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