Section 239AEM — Companies Act 1993: Transactions under netting agreement and effect on certain sections

239AEM Transactions under netting agreement and effect on certain sections (1) Nothing in sections 239AEH to 239AEP prevents the operation of section 56 or, subject to section 239ACB , section 292 , 297 or 298 in respect of a transaction that is subject to a netting agreement. (2) However, nothing in section 292(3) applies to a transaction that is subject to a netting agreement. (3) For the purposes of sections 292 and 297 , the term transaction , in relation to a company, does not include a netting agreement entered into by the company, except to the extent that the effect of entering into the netting agreement is to reduce any amount that was owing by or to the company at the time the company entered into the agreement. Section 239AEM: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).