Queensland Consolidated Acts

STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 - SECT 85

85 No automatic default for existing arrangements

(1) The amendment of a provision of this Act as in force immediately before the commencement or an unchanged Act—

(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

(c) does not release a surety or other obligee from an obligation.

(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.