Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZOX

             (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.