Document ID: chunk:federal_register_of_legislation:C2025C00185:section:434j:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 434J (pt 2/3)
Character Range: 1497058–1499707

seeking to enforce the right:
 (a) is the corporation's financial position before the end of the stay period; or
 (b) is the appointment or existence of a managing controller of the whole or substantially the whole of the corporation's property before the end of the stay period; or
 (c) is a reason, prescribed by the regulations for the purposes of this paragraph, relating to circumstances in existence during the stay period; or
 (d) is a reason referred to in paragraph (1)(c) or (d).

Rights not subject to the stay
 (5) Subsection (1) does not apply to the right if it is:
 (a) a right under a contract, agreement or arrangement entered into after the appointment of the managing controller; or
 (b) a right contained in a kind of contract, agreement or arrangement:
 (i) prescribed by the regulations for the purposes of this subparagraph; or
 (ii) declared under paragraph (6)(a); or
 (c) a right of a kind:
 (i) prescribed by the regulations for the purposes of this subparagraph; or
 (ii) declared under paragraph (6)(b); or
 (d) a right of a kind declared under paragraph (6)(c), and the circumstances specified in that declaration exist.
 (6) For the purposes of subsection (5), the Minister may, by legislative instrument:
 (a) declare kinds of contracts, agreements or arrangements referred to in a specified law of the Commonwealth; or
 (b) declare kinds of rights to which subsection (1) does not apply; or
 (c) declare kinds of rights to which subsection (1) does not apply in specified circumstances.
 (7) Subsection (1) does not apply to the right to the extent that the managing controller has consented in writing to the enforcement of the right.

Stay on corporation's right to new advance of money or credit
 (8) If:
 (a) one or more rights of an entity cannot be enforced against a corporation for a period because of subsection (1); and
 (b) the corporation has a right under a contract, agreement or arrangement against the entity for a new advance of money or credit;
that right of the corporation cannot be enforced during the same period.

Replacement managing controllers
 (9) If a new managing controller of the whole or substantially the whole of the corporation's property is appointed to replace an earlier such managing controller, then:
 (a) for the purposes of subsections (2) and (5), treat the new managing controller as if it were appointed when the first such managing controller was; and
 (b) treat references in subsection (2) to when the managing controller's control of the corporation's property ends as references to when the last such managing controller's control of the corporation's property ends.