310BApplication of set-off under netting agreement

1. Despite anything in section 313, sections 310A to 310O apply—

2. to a netting agreement—
   1. made in or evidenced by writing; and
   2. in which the application of sections 310A to 310O has not been expressly excluded; and
   3. whether made before or after the commencement of this section; and
3. to all obligations under a netting agreement (whether those obligations are payable in New Zealand currency or in some other currency).

4. Sections 310A to 310O apply despite—

5. any disposal of rights under a transaction that is subject to a netting agreement in contravention of a prohibition in the netting agreement; or
6. 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.

7. Nothing in sections 310A to 310O applies to an amount paid or payable by a shareholder—

8. as the consideration, or part of the consideration, for the issue of a share; or
9. in satisfaction of a call in respect of an outstanding liability of the shareholder made by the board of directors or by the liquidator.

Notes

• Section 310B: inserted, on 26 April 1999, by section 15 of the Companies Amendment Act 1999 (1999 No 19).