135Relationship of Division with other laws etc.

135 Relationship of Division with other laws etc.

(1) Subject to subsections (3), (4), (5) and (6), this Division has effect despite all of the following:

(a) any other law of the Commonwealth or of a State or Territory;

(b) any contract, deed, undertaking, agreement or other instrument.

(2) Without limiting subsection (1), and subject to subsections (3), (4), (5) and (6), nothing done by or under this Division:

(a) places a body corporate or other person in breach of contract or confidence or otherwise makes any of them guilty of a civil wrong; or

(b) places a body corporate or other person in breach of:

(i) any law of the Commonwealth or of a State or Territory; or

(ii) any contractual provision prohibiting, restricting or regulating the assignment or transfer of any asset or liability or the disclosure of any information; or

(c) releases any surety, wholly or partly, from all or any of the surety’s obligations.

(3) Nothing in this Division limits the operation of:

(a) any of the provisions of the Privacy Act 1988; or

(b) any of the provisions of the Fair Work Act 2009, the Fair Work (Registered Organisations) Act 2009, or the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.

Competition and Consumer Act 2010

(4) Subject to paragraph (5)(b), nothing in this Division limits the operation of any of the provisions of the Competition and Consumer Act 2010.

(5) For the purposes of section 50 and related provisions of the Competition and Consumer Act 2010, and the acquisitions provisions (within the meaning of that Act):

(a) a transfer of shares or business that takes effect under this Division is taken to be:

(i) to the extent that the transfer is of shares in the capital of a body corporate—an acquisition of the shares by the receiving body; and

(ii) to the extent that the transfer is of other assets—an acquisition of those assets by the receiving body; and

(b) the acquisition is not required to be notified under Division 2 of Part IVA of the Competition and Consumer Act 2010.

Note: For the purposes of the acquisitions provisions, the receiving body is the principal party to the acquisition.

(6) For the purposes of subsection 51(1) of the Competition and Consumer Act 2010, the following things are specified and specifically authorised:

(a) a transfer of shares or business under this Division;

(b) anything done to enable or facilitate a transfer of shares or business under this Division (including an agreement referred to in section 121).