(1) The object of subsection (2) is to ensure that a self-executing provision:
(a) cannot start to apply against a company for certain reasons; and
(b) can be the subject of a Court order providing that the provision can only start to apply against a company with the leave of the Court, and in accordance with such terms (if any) as the Court imposes.
(2) Sections 454N to 454Q also apply in relation to a self-executing provision in a corresponding way to the way they apply in relation to a right. For this purpose, assume those sections apply with such modifications as are necessary, including any prescribed by the regulations for the purposes of this subsection.
Note 1: This subsection achieves the object in subsection (1) by extending the application of all of the outcomes, exceptions and powers in sections 454N to 454Q.
Note 2: These modifications include, for example, treating:
(a) a reference that a right cannot be enforced (however described) as including a reference that a self-executing provision cannot start to apply; and
(b) the words "if the right arises for that reason by express provision (however described) of a contract, agreement or arrangement" as being omitted from subsection 454N(1); and
(c) a reference that one or more rights are enforceable as including a reference that one or more self-executing provisions can start to apply; and
(d) paragraph 454Q(2)(b) as alternatively providing that the Court is satisfied that one or more reasons referred to in paragraphs 454N(1)(a) to (d) can cause the self-executing provisions to start to apply.
(3) In this section:
"self-executing provision" means a provision of a contract, agreement or arrangement that can start to apply automatically:
(a) for one or more reasons; and
(b) without any party to the contract, agreement or arrangement making a decision that the provision should start to apply.