Commonwealth Consolidated Acts

PAYMENT SYSTEMS AND NETTING ACT 1998

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Crown bound by this Act  
   4.      Application of Criminal Code  
   5.      Definitions  
   5AA.    Meaning of related body corporate  
   5AB.    Meaning of subsidiary  
   5A.     Security given over a person's right to require payment or performance of an obligation  

   PART 2--INTEGRITY--OF APPROVED RTGS PAYMENT SYSTEMS

   6.      Winding up not to affect transactions carried out on the day of appointment  
   6A.     Non - terminal administration not to affect transactions  
   7.      Obligation to notify system administrator of external administration  
   8.      Application for approval of payment system  
   9.      Reserve Bank may approve payment system  

   PART 3--INTEGRITY--OF APPROVED NETTING ARRANGEMENTS

   10.     Effectiveness of approved multilateral netting arrangements  
   11.     Application for approval of netting arrangement  
   12.     Reserve Bank may approve netting arrangement  
   13.     Qualified privilege  

   PART 4--CLOSE---OUT NETTING CONTRACTS

           Division 1--Effectiveness of close-out netting contracts

   14.     Effectiveness of close - out netting contracts  
   14A.    Effectiveness of security given in respect of obligations under close - out netting contracts  
   15.     Declaration that section 14 does not apply  

           Division 2--Ceasing non-direction stays for derivatives contracts

   15A.    Ceasing non - direction stays for derivatives contracts  
   15B.    When APRA may declare that non - direction stays cease  
   15C.    When APRA may declare that non - direction stays continue--regulated body is party to trigger contract  
   15D.    When APRA may declare that non - direction stays continue--related body corporate of regulated body is party to trigger contract  
   15E.    Declaration under subsection 15D(3)--total or partial transfer of business  

   PART 5--MARKET--NETTING CONTRACTS

   16.     Effectiveness of market netting contracts  

   PART 6--ADMINISTRATION

   18.     Regulations