sec.51Effect on legal relationships

sec.51 Effect on legal relationships

Nothing done under this part— 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 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. 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. A transfer to TIQ has effect despite any other contract, law or instrument. In this section— relevant entity means— the State or an employee or agent of the State; or TIQ, a member or an employee or agent of TIQ. (sec.51-ssec.1) Nothing done under this part— 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 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.51-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. (sec.51-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.51-ssec.4) A transfer to TIQ has effect despite any other contract, law or instrument. (sec.51-ssec.5) In this section— relevant entity means— the State or an employee or agent of the State; or TIQ, a member or an employee or agent of TIQ.