Section 310B — Companies Act 1993: Application of set-off under netting agreement

310B Application of set-off under netting agreement (1) Despite anything in section 313 , sections 310A to 310O apply— (a) To a netting agreement— (i) Made in or evidenced by writing; and (ii) In which the application of sections 310A to 310O 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 310A to 310O 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 310A to 310O 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 directors or by the liquidator. Sections 310A to 310O were inserted, as from 26 April 1999, by section 15 Companies Amendment Act 1999 (1999 No 19).