Document ID: chunk:federal_register_of_legislation:C2011A00125:clause:1_31b
Version: federal_register_of_legislation:C2011A00125
Segment Type: clause
Provision Reference: sch 1 cl 31B
Character Range: 13734–14488

31B  Protection of certain contractual rights

Directions by APRA
 (1) Subsection 11CD(1A) (direction not grounds for denial of obligations) does not prevent the exercise of a contractual right in relation to an asset that secures liabilities to holders of covered bonds, or their representatives, if payments under the covered bonds to the holders or representatives are not made.

ADI statutory manager in control
 (2) Section 15C (ADI statutory manager being in control not grounds for denial of obligations) does not prevent the exercise of a contractual right in relation to an asset that secures liabilities to holders of covered bonds, or their representatives, if payments under the covered bonds to the holders or representatives are not made.