Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:2_14ac
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 2 cl 14AC
Character Range: 96954–97604

14AC  Act under section 14AA not ground for denying obligation

 (1) This section applies if an ADI is party to a contract, whether the proper law of the contract is Australian law (including the law of a State or Territory) or law of a foreign country (including the law of part of a foreign country).

 (2) The fact that an ADI statutory manager does an act under subsection 14AA(1) relating to the ADI does not allow the contract, or any other party to the contract, to do any of the following:
 (a) deny any obligations under that contract;
 (b) accelerate any debt under that contract;
 (c) close out any transaction relating to that contract.