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PAYMENT SYSTEMS AND NETTING ACT 1998

Table of Provisions

PART 1--PRELIMINARY

  • 1 Short title  
  • 2 Commencement  
  • 3 Crown bound by this Act  
  • 4 Application of Criminal Code  
  • 5 Definitions  
  • 5AA Meaning of related body corporate  
  • 5AB Meaning of subsidiary  
  • 5A Security given over a person's right to require payment or performance of an obligation  

PART 2--INTEGRITY--OF APPROVED RTGS PAYMENT SYSTEMS

  • 6 Winding up not to affect transactions carried out on the day of appointment  
  • 6A Non - terminal administration not to affect transactions  
  • 7 Obligation to notify system administrator of external administration  
  • 8 Application for approval of payment system  
  • 9 Reserve Bank may approve payment system  

PART 3--INTEGRITY--OF APPROVED NETTING ARRANGEMENTS

  • 10 Effectiveness of approved multilateral netting arrangements  
  • 11 Application for approval of netting arrangement  
  • 12 Reserve Bank may approve netting arrangement  
  • 13 Qualified privilege  

PART 4--CLOSE---OUT NETTING CONTRACTS

Division 1--Effectiveness of close-out netting contracts

  • 14 Effectiveness of close - out netting contracts  
  • 14A Effectiveness of security given in respect of obligations under close - out netting contracts  
  • 15 Declaration that section 14 does not apply  

Division 2--Ceasing non-direction stays for derivatives contracts

  • 15A Ceasing non - direction stays for derivatives contracts  
  • 15B When APRA may declare that non - direction stays cease  
  • 15C When APRA may declare that non - direction stays continue--regulated body is party to trigger contract  
  • 15D When APRA may declare that non - direction stays continue--related body corporate of regulated body is party to trigger contract  
  • 15E Declaration under subsection 15D(3)--total or partial transfer of business  

PART 5--MARKET--NETTING CONTRACTS

  • 16 Effectiveness of market netting contracts  

PART 6--ADMINISTRATION

  • 17 Prescribed forms  
  • 18 Regulations  

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