Document ID: chunk:federal_register_of_legislation:C2012C00862:clause:3_230aj
Version: federal_register_of_legislation:C2012C00862
Segment Type: clause
Provision Reference: sch 3 cl 230AJ
Character Range: 108178–108838

230AJ  Recapitalisation direction not grounds for denial of obligations
 (1) This section applies if a life company is 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) The fact that the company is subject to a recapitalisation direction does not allow the contract, or a party to the contract, other than the company, to do any of the following:
 (a) deny any obligation under the contract;
 (b) accelerate any debt under the contract;
 (c) close out any transaction relating to the contract.