14ACAct under section 14AA not ground for denial of obligations

14AC Act under section 14AA not ground for denial of obligations

(1) This section applies if a body corporate 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) None of the matters mentioned in subsection (3) allows the contract, or a party to the contract (other than the body corporate), 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; (d) enforce any security under the contract. (3) The matters are as follows: (a) a Banking Act statutory manager of the body corporate doing an act under subsection 14AA(1) relating to the body corporate; (b) if the body corporate is a member of a relevant group of bodies corporate—a Banking Act statutory manager of another member of the group doing an act under subsection 14AA(1) relating to that other member.