Section 239AEK — Companies Act 1993: When mutuality required for transactions under recognised multilateral netting agreements

239AEK When mutuality required for transactions under recognised multilateral netting agreements (1) Sections 239AEI to 239AEP apply to transactions that are subject to a recognised multilateral netting agreement, whether or not those transactions constitute mutual credits, mutual debts, or other mutual dealings. (2) Despite subsection (1), sections 239AEI to 239AEP do not apply to transactions that are subject to a recognised multilateral netting agreement if— (a) those transactions do not constitute mutual credits, mutual debts, or other mutual dealings; and (b) a party to any of those transactions is acting as a trustee for another person; and (c) the party acting as trustee is not authorised by the terms of the trust of which the party is a trustee to enter into the transaction. Section 239AEK: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).