Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 2 : Placing designated institutions in resolution166L. Placing designated institution in resolution not termination or acceleration event |
| (1) | A provision of an agreement is of no effect to the extent that the provision, on the basis that a designated institution has been or is proposed to be placed in resolution, or on the basis of a resolution action or proposed resolution action in relation to a designated institution— |
| (a) | confers a right, or imposes an obligation, on a person; or |
| (b) | accelerates or varies an obligation of a person, |
whether or not the person is a party to the agreement.
| (2) | Subsection (1) does not apply in relation to an obligation to give notice to a person. |
[Section 166L inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(ii) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]