Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:4_31
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 4 cl 31
Character Range: 167922–168694

31  Subsection 230C(1)
Repeal the subsection, substitute:

 (1) This section applies if a life company or subsidiary of a life company 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).

 (1A) The fact that the life company is subject to a direction by APRA under section 230B does not allow the contract, or a party to the contract, other than the life company or subsidiary, 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.
This subsection has effect subject to subsections (2) and (3).