Commonwealth Consolidated Acts

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INSURANCE ACT 1973 - SECT 62ZOX

Insurance Act statutory manager being in control not grounds 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)   an Insurance Act statutory manager being in control, or being appointed to take control, of the business of the body corporate;

  (b)   if the body corporate is a member of a relevant group of bodies corporate--an Insurance Act statutory manager being in control, or being appointed to take control, of the business of another member of the group.



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