Collateral for payment and settlement

(1) The rights and remedies of an operator, participant, clearing house, central counter-party or any other third party in the system and the Central Bank with respect to collateral granted to it as security for a payment or the performance of an obligation incurred in a system shall not be affected by insolvency or bankruptcy proceedings or any other law similar in purpose and effect. (2) The rights and remedies referred to in sub-section (1) shall not be the subject of any stay provision or order affecting the ability of creditors to exercise rights and remedies with respect to the collateral. Winding Up and Administration of an Operator or Participant