Section 35

It shall be an implied condition in any contract that, where, by virtue of this Act, the permission or consent of the Authority is at the time of the contract required for the performance of any term thereof, that term shall not be performed except insofar as the permission or consent is given or is not required.

Subsection (1) shall not apply insofar as it is shown to be inconsistent with the intention of the parties that it should apply, whether by reason of their having contemplated the performance of that term despite the provisions of this Act or for any other reason.

Notwithstanding anything in the Bills of Exchange Act 1949, neither the provisions of this Act, nor any condition, whether express or to be implied having regard to those provisions, that any payment shall not be made without the permission of the Authority under this Act, shall be deemed to prevent any instrument being a bill of exchange or promissory note.

The provisions of the Fourth Schedule shall have effect with respect to legal proceedings, arbitrations, bankruptcy proceedings, the administration of the estates of deceased persons, the winding up of companies, and proceedings under deeds of arrangement or trust deeds for the benefit of creditors.