sec.88Effect on legal relationships

### sec.88 Effect on legal relationships Nothing done under this Act— makes a relevant entity liable for a civil wrong or contravention of a law, including for a breach of a contract, confidence or duty; or makes a relevant entity in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment, novation or transfer of a right or liability or the disclosure of information; or except as expressly provided under a transfer notice, is taken to fulfil a condition that— terminates, or allows a person to terminate, an instrument or obligation; or modifies, or allows a person to modify, the operation or effect of an instrument or obligation; or allows a person to avoid or enforce an obligation or liability contained in an instrument or requires a person to perform an obligation contained in an instrument; or requires any money to be paid before its stated maturity; or releases a surety or other obligee, wholly or partly, from an obligation. If, apart from this subsection, the advice, consent or approval of a person would be necessary to do something under this Act, the advice is taken to have been obtained or the consent or approval is taken to have been given unconditionally. A contract entered into by a declared entity provides that the entity agrees not to transfer a particular asset without a particular person’s consent and that, if the consent is given, it may be subject to particular conditions. If the asset is transferred to another declared entity under a transfer notice, the consent required under the contract is taken to have been given unconditionally. If, apart from this subsection, giving notice to a person would be necessary to do something under this Act, the notice is taken to have been given. In this section— relevant entity means— the State or an employee or agent of the State; or a declared entity or an employee or agent of a declared entity. (sec.88-ssec.1) Nothing done under this Act— makes a relevant entity liable for a civil wrong or contravention of a law, including for a breach of a contract, confidence or duty; or makes a relevant entity in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment, novation or transfer of a right or liability or the disclosure of information; or except as expressly provided under a transfer notice, is taken to fulfil a condition that— terminates, or allows a person to terminate, an instrument or obligation; or modifies, or allows a person to modify, the operation or effect of an instrument or obligation; or allows a person to avoid or enforce an obligation or liability contained in an instrument or requires a person to perform an obligation contained in an instrument; or requires any money to be paid before its stated maturity; or releases a surety or other obligee, wholly or partly, from an obligation. (sec.88-ssec.2) If, apart from this subsection, the advice, consent or approval of a person would be necessary to do something under this Act, the advice is taken to have been obtained or the consent or approval is taken to have been given unconditionally. A contract entered into by a declared entity provides that the entity agrees not to transfer a particular asset without a particular person’s consent and that, if the consent is given, it may be subject to particular conditions. If the asset is transferred to another declared entity under a transfer notice, the consent required under the contract is taken to have been given unconditionally. (sec.88-ssec.3) If, apart from this subsection, giving notice to a person would be necessary to do something under this Act, the notice is taken to have been given. (sec.88-ssec.4) In this section— relevant entity means— the State or an employee or agent of the State; or a declared entity or an employee or agent of a declared entity. - (a) makes a relevant entity liable for a civil wrong or contravention of a law, including for a breach of a contract, confidence or duty; or - (b) makes a relevant entity in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment, novation or transfer of a right or liability or the disclosure of information; or - (c) except as expressly provided under a transfer notice, is taken to fulfil a condition that— (i) terminates, or allows a person to terminate, an instrument or obligation; or (ii) modifies, or allows a person to modify, the operation or effect of an instrument or obligation; or (iii) allows a person to avoid or enforce an obligation or liability contained in an instrument or requires a person to perform an obligation contained in an instrument; or (iv) requires any money to be paid before its stated maturity; or - (i) terminates, or allows a person to terminate, an instrument or obligation; or - (ii) modifies, or allows a person to modify, the operation or effect of an instrument or obligation; or - (iii) allows a person to avoid or enforce an obligation or liability contained in an instrument or requires a person to perform an obligation contained in an instrument; or - (iv) requires any money to be paid before its stated maturity; or - (d) releases a surety or other obligee, wholly or partly, from an obligation. - (i) terminates, or allows a person to terminate, an instrument or obligation; or - (ii) modifies, or allows a person to modify, the operation or effect of an instrument or obligation; or - (iii) allows a person to avoid or enforce an obligation or liability contained in an instrument or requires a person to perform an obligation contained in an instrument; or - (iv) requires any money to be paid before its stated maturity; or - (a) the State or an employee or agent of the State; or - (b) a declared entity or an employee or agent of a declared entity.