Section 310E — Companies Act 1993: When mutuality required for transactions under recognised multilateral netting agreements

310E When mutuality required for transactions under recognised multilateral netting agreements (1) Sections 310A to 310O 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 310A to 310O 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. Sections 310A to 310O were inserted, as from 26 April 1999, by section 15 Companies Amendment Act 1999 (1999 No 19).