Section 239AEH — Companies Act 1993: Application of set-off under netting agreement

239AEH Application of set-off under netting agreement (1) Sections 239AEI to 239AEP apply— (a) to a netting agreement— (i) made in or evidenced by writing; and (ii) in which the application of sections 239AEI to 239AEP has not been expressly excluded; and (iii) whether made before or after the commencement of this section; and (b) to all obligations under a netting agreement (whether those obligations are payable in New Zealand currency or in some other currency). (2) Sections 239AEI to 239AEP apply despite— (a) any disposal of rights under a transaction that is subject to a netting agreement, in contravention of a prohibition in the netting agreement; or (b) the creation of a charge or other interest in respect of the rights referred to in paragraph (a) in contravention of a prohibition in the netting agreement. (3) Nothing in sections 239AEI to 239AEP applies to an amount paid or payable by a shareholder— (a) as the consideration, or part of the consideration, for the issue of a share; or (b) in satisfaction of a call in respect of an outstanding liability of the shareholder made by the board of the company or by the administrator. Section 239AEH: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).