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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT  

Division 6 - Protection of company's property during administration  

SECTION 440JA  

440JA  PROPERTY SUBJECT TO A BANKER'S LIEN - EXEMPTION FROM THIS DIVISION  

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If:


(a) a company is under administration; and


(b) property of the company consists of:


(i) cash in the form of notes or coins; or

(ii) a negotiable instrument; or

(iii) a security (as defined by subsection 92(1)); or

(iv) a derivative (as defined in Chapter 7); and


(c) the property is subject to a possessory security interest; and
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(d) the secured party is:

(i) an ADI (within the meaning of the Banking Act 1959); or

(ii) the operator of a clearing and settlement facility (within the meaning of section 768A);
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this Division does not apply to the property.


 



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