Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if a body corporate is party to an agreement, whether the proper law of the agreement is:
(a) Australian law; or
(b) foreign law, including the law of part of a foreign country.
(2) None of the matters mentioned in subsection (3) allows the agreement, or a party to the agreement (other than the body corporate), to do any of the following:
(a) deny any obligation under the agreement;
(b) accelerate any debt under the agreement;
(c) terminate or close out the agreement, or any transaction relating to the agreement;
(d) enforce any security under the agreement.
(3) The matters are as follows:
(a) the body corporate being subject to the exercise of a power under section 823F by the Reserve Bank;
(b) if the body corporate is a member of a group of bodies corporate--another member of the group being subject to the exercise of such a power.
Payment Systems and Netting Act 1998 prevails over this section
(4) If there is any inconsistency between:
(a) subsections (1) to (3) of this section; and
(b) the Payment Systems and Netting Act 1998 ;
that Act prevails to the extent of the inconsistency.
Agreements to which this section does not apply
(5) This section does not apply to a kind of agreement prescribed by the regulations for the purposes of this subsection.