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LIFE INSURANCE ACT 1995 - SECT 179AH

Act under section 179AF not ground for denying obligation

  (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)   a Life Insurance Act statutory manager of the body corporate doing an act under subsection   179AF(1) relating to the body corporate;

  (b)   if the body corporate is a member of a relevant group of bodies corporate--a Life Insurance Act statutory manager of another member of the group doing an act under subsection   179AF(1) in relation to that other member.


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