Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:4_36aa
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 4 cl 36AA
Character Range: 410920–412362

36AA  Compulsory transfer not ground for denial of obligations
 (1) This section applies if a body corporate covered by subsection (2) is or was party to a contract, whether the proper law of the contract is:
 (a) Australian law (including the law of a State or Territory); or
 (b) law of a foreign country (including the law of part of a foreign country).
 (2) This subsection covers the following:
 (a) a body corporate that is, or is proposed to become, a transferring body;
 (b) a body corporate that is a member of a relevant group of bodies corporate, if another member of that group is, or is proposed to become, a transferring body.
 (3) None of the matters mentioned in subsection (4) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:
 (a) deny any obligations under the contract;
 (b) accelerate any debt under the contract;
 (c) close out any transaction relating to the contract;
 (d) enforce any security under the contract.
 (4) The matters are as follows:
 (a) an act being done for the purposes of Division 2 or 3, or a certificate of transfer coming into force under Division 3, in connection with the body corporate;
 (b) if the body corporate is a member of a relevant group of bodies corporate—an act being done for the purposes of Division 2 or 3, or a certificate of transfer coming into force under Division 3, in connection with another member of the group.