Document ID: chunk:federal_register_of_legislation:C2025C00185:section:823v
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 823V
Character Range: 3209025–3210452

823V  Exercise of Reserve Bank powers to give directions under section 823F not grounds for denial of obligations
 (1) This section applies if a body corporate is party to an agreement, whether the proper law of the agreement is:
 (a) Australian law; or
 (b) foreign law, including the law of part of a foreign country.
 (2) None of the matters mentioned in subsection (3) allows the agreement, or a party to the agreement (other than the body corporate), to do any of the following:
 (a) deny any obligation under the agreement;
 (b) accelerate any debt under the agreement;
 (c) terminate or close out the agreement, or any transaction relating to the agreement;
 (d) enforce any security under the agreement.
 (3) The matters are as follows:
 (a) the body corporate being subject to the exercise of a power under section 823F by the Reserve Bank;
 (b) if the body corporate is a member of a group of bodies corporate—another member of the group being subject to the exercise of such a power.

Payment Systems and Netting Act 1998 prevails over this section
 (4) If there is any inconsistency between:
 (a) subsections (1) to (3) of this section; and
 (b) the Payment Systems and Netting Act 1998;
that Act prevails to the extent of the inconsistency.

Agreements to which this section does not apply
 (5) This section does not apply to a kind of agreement prescribed by the regulations for the purposes of this subsection.