Commonwealth Consolidated Acts

PAYMENT SYSTEMS AND NETTING ACT 1998 - SECT 6

  (1)   If:

  (a)   a participant in an approved RTGS system goes into external administration (other than non - terminal administration); and

  (b)   a payment or settlement transaction is executed through the system at any time on the day on which the external administrator is appointed; and

  (c)   the transaction involves the payment of money, or the transfer of an asset, by the participant;

the payment or transfer has the same effect it would have had if the participant had gone into external administration on the next day.

  (2)   This section has effect despite any other law (including the specified provisions and the specified stay provisions).

Note:   Section   5 defines specified provisions and specified stay provision .