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Companies Act 1993

Liquidations - Creditors' claims

310O: Transactions under recognised multilateral netting agreement not affected by variation or revocation of declaration under section 310K

You could also call this:

“Changes to declarations don't affect existing transactions under recognised agreements”

If someone changes or cancels a declaration under section 310K, it doesn’t affect how sections 310A to 310O apply to certain transactions. These transactions must be part of a recognised multilateral netting agreement. They also need to have been made before the declaration was changed or cancelled. This means that even if the declaration changes, the rules in those sections still apply to transactions that were already in place.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM322800.

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310N: Bank to notify recognised clearing house about Bank's intention to revoke or vary declaration under section 310K, or

“Bank must inform and consult clearing house before changing its declaration”

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311: Interest on claims, or

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Part 16 Liquidations
Creditors' claims

310OTransactions under recognised multilateral netting agreement not affected by variation or revocation of declaration under section 310K

  1. The variation or revocation of a declaration under section 310K does not affect the application of sections 310A to 310O to any transaction—

  2. that is or was subject to a recognised multilateral netting agreement; and
    1. that was entered into before the variation or revocation of the declaration.

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