Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision does not apply to a contract that is the constitution of a company, managed investment scheme or other kind of body.
(1A) This Subdivision does not apply to a contract of insurance:
(a) under which a person provides medical indemnity cover (within the meaning of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 ) for:
(i) a medical practitioner (within the meaning of that Act); or
(ii) a registered health professional (within the meaning of that Act) prescribed by regulations made under that Act for the purposes of a provision of Part 3 of that Act; and
(b) to which that Act applies.
(2) This Subdivision does not apply to a small business contract to which a prescribed law of the Commonwealth, a State or a Territory applies.
(3) Before the Governor - General makes a regulation prescribing a law for the purposes of subsection (2):
(a) the Minister must be satisfied that the law provides enforceable protections for persons who carry on a business and employ fewer than 100 persons that are equivalent to the protections provided by this Subdivision together with Subdivision G; and
(b) the Minister must take into consideration:
(i) any detriment to businesses of that kind resulting from prescribing the law; and
(ii) the impact on business generally resulting from prescribing the law; and
(iii) the public interest.
Note: A notified foreign passport fund is a managed investment scheme for the purposes of this Act and the Corporations Act, see subsection 5(2) of this Act and section 1213E of the Corporations Act.
(4) This Subdivision does not apply to a contract:
(a) that establishes, contains or incorporates rules governing the operation of a payment or settlement system approved under section 9 of the Payment Systems and Netting Act 1998 ; or
(b) that is made in the course of, or for the purposes of, operating such a system.