Banking Act 1959
Part II
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Provisions relating to the carrying on of banking business
Division 2
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Protection of depositors
Subdivision B
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Provisions dealing with control of a body corporate
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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.
(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.
View history note
Hide history noteThis 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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