(1) It is an implied condition in any contract that, where, by virtue of this Act, the permission or consent of the Director of Finance and Planning is at the time of the contract required for the performance of any term thereof, that term shall not be performed except in so far as the permission or consent is given or is not required.
However, this subsection shall not apply in so far 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 of the provisions of this Act or for any other reason.
(2) Despite anything in the Commercial Code or other law relating to bills of exchange, 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 Director of Finance and Planning under this Act, is considered to prevent any instrument being a bill of exchange or promissory note.
(3) The provisions of Schedule 4 to this Act 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 behoof of creditors.