Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 453X

Property subject to a banker's lien--exemption from this Subdivision

    If:

  (a)   a company is under restructuring; 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; and

  (c)   the property is subject to a possessory security interest; and

  (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;

this Subdivision does not apply to the property.


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