Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

Division 6 - Moratorium on action during statutory management or compulsory transfer  

Subdivision B - Stay on enforcement rights triggered by statutory management or compulsory transfer  

SECTION 843D   SELF-EXECUTING PROVISIONS  

843D(1)    
The object of subsection (2) is to ensure that a self-executing provision:

(a)    cannot start to apply against a body corporate for certain reasons; and

(b)    can be the subject of a Court order providing that the provision can only start to apply against a body corporate with the leave of the Court, and in accordance with such terms (if any) as the Court imposes.

843D(2)    
Sections 843A to 843C apply in relation to a self-executing provision in a corresponding way to the way those sections apply in relation to a right. For this purpose, assume those sections apply with such modifications as are necessary, including any prescribed by the regulations for the purposes of this subsection.

Note 1: This subsection achieves the object in subsection (1) by extending the application of all of the outcomes, exceptions and powers in sections 843A to 843C .

Note 2: These modifications include, for example, treating:

(a) a reference that a right cannot be enforced (however described) as including a reference that a self-executing provision cannot start to apply; and

(b) the words " if the right arises for that reason by express provision (however described) of an arrangement " as being omitted from subsections 843A(1) and (2) ; and

(c) a reference that one or more rights are enforceable as including a reference that one or more self-executing provisions can start to apply.

843D(3)    
In this section:

self-executing provision
means a provision of an arrangement that can start to apply automatically:

(a) for one or more reasons; and

(b) without any party to the arrangement making a decision that the provision should start to apply.