(1) Nothing in this Part affects the application to -

(a) an asset covered security issued by a designated or formerly designated credit institution,

(b) a cover assets hedge contract entered into by such an institution, or

(c) a contract relating to the appointment of a cover-assets monitor in respect of the institution,

of any enactment or rule of law that would (with respect to circumstances existing at the time when the security was issued or the contract was entered into) render the security or contract void or unenforceable on the ground of fraud or misrepresentation or because of the operation of an enactment specified in subsection (2).

(2) The following enactments are specified for the purpose of subsection (1):

(a) section 57, 58 or 59 of the Bankruptcy Act, 1988;

(b) section 286 of the Companies Act, 1963;

(c) section 139 of the Companies Act, 1990.