Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 15C

             (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 is in control of the ADI's business does not allow the contract, or a 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.