Section 823V — Corporations Act 2001: Exercise of Reserve Bank powers to give directions under section 823F not grounds for denial of obligations

(1) This section applies if a body corporate is party to an agreement, whether the proper law of the agreement is: (a) Australian law; or (b) foreign law, including the law of part of a foreign country. (2) None of the matters mentioned in subsection (3) allows the agreement, or a party to the agreement (other than the body corporate), to do any of the following: (a) deny any obligation under the agreement; (b) accelerate any debt under the agreement; (c) terminate or close out the agreement, or any transaction relating to the agreement; (d) enforce any security under the agreement. (3) The matters are as follows: (a) the body corporate being subject to the exercise of a power under section 823F by the Reserve Bank; (b) if the body corporate is a member of a group of bodies corporate—another member of the group being subject to the exercise of such a power. Payment Systems and Netting Act 1998 prevails over this section (4) If there is any inconsistency between: (a) subsections (1) to (3) of this section; and (b) the Payment Systems and Netting Act 1998; that Act prevails to the extent of the inconsistency. Agreements to which this section does not apply (5) This section does not apply to a kind of agreement prescribed by the regulations for the purposes of this subsection.