Commonwealth Consolidated Acts

PAYMENT SYSTEMS AND NETTING ACT 1998 - SECT 6A

  (1)   If:

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

  (b)   a payment or settlement transaction is executed through the system at any time before the participant goes into, or while the participant is in, non - terminal administration; 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 not gone into non - terminal administration.

  (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 .