sec.85No automatic default for existing arrangements

### sec.85 No automatic default for existing arrangements The amendment of a provision of this Act as in force immediately before the commencement or an unchanged Act— does not place the entity in breach of contract or otherwise make it guilty of a civil wrong; and is taken not to fulfil a condition— allowing a person to end a contract or obligation or change the operation or effect of a contract or obligation; or requiring an amount to be paid before its stated maturity; and does not release a surety or other obligee from an obligation. If, apart from this subsection, obtaining the consent of, or giving notice to, a person would be necessary under a financial arrangement to give effect to a matter dealt with under this division, the consent is taken to have been obtained or the notice is taken to have been given. s 85 ins 1996 No. 54 s 8 amd 2003 No. 12 s 20 (sec.85-ssec.1) The amendment of a provision of this Act as in force immediately before the commencement or an unchanged Act— does not place the entity in breach of contract or otherwise make it guilty of a civil wrong; and is taken not to fulfil a condition— allowing a person to end a contract or obligation or change the operation or effect of a contract or obligation; or requiring an amount to be paid before its stated maturity; and does not release a surety or other obligee from an obligation. (sec.85-ssec.2) If, apart from this subsection, obtaining the consent of, or giving notice to, a person would be necessary under a financial arrangement to give effect to a matter dealt with under this division, the consent is taken to have been obtained or the notice is taken to have been given. - (a) does not place the entity in breach of contract or otherwise make it guilty of a civil wrong; and - (b) is taken not to fulfil a condition— (i) allowing a person to end a contract or obligation or change the operation or effect of a contract or obligation; or (ii) requiring an amount to be paid before its stated maturity; and - (i) allowing a person to end a contract or obligation or change the operation or effect of a contract or obligation; or - (ii) requiring an amount to be paid before its stated maturity; and - (c) does not release a surety or other obligee from an obligation. - (i) allowing a person to end a contract or obligation or change the operation or effect of a contract or obligation; or - (ii) requiring an amount to be paid before its stated maturity; and