Corporations (Repeals, Consequentials and Transitionals) Act 2001

Corporations (Repeals, Consequentials and Transitionals) Act 2001

This compilation was prepared on 4 April 2006. The Act was amended by Act No. 116 of 2003; No. 9 of 2006.

Preliminary

• Short title: Corporations (Repeals, Consequentials and Transitionals) Act 2001
• Commencement: Subject to section 2, this Act commences on a particular date.

Repeals and amendments

• Section 3: Each Act specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned.
• The regulations may provide that a specified provision of the old ACT corporations legislation does, or does not, correspond to a specified provision of the new corporations legislation.

Special transitional arrangements for ACT

• Division 1: Transitional arrangements for the former Corporations Law and ASIC Law
• Section 4: Definitions
  • ACT means the Australian Capital Territory.
  • old ACT corporations legislation means: (a) the old ACT Corporations Law and the old ACT Corporations Regulations, and any instruments made under that Law or those Regulations; and (b) the Corporations Act 1989, and any instruments made under that Act, as applying in relation to the old ACT Corporations Law and the old ACT Corporations Regulations from time to time before the relevant time.
• Section 5: Corresponding provision
  • For the purposes of this Act, a provision (the old provision) of the old ACT corporations legislation or the old ACT ASIC legislation corresponds to a provision (the new provision) of the new corporations legislation or the new ASIC legislation if: (a) the old provision and the new provision are substantially the same, unless the regulations specify that the 2 provisions do not correspond;
• Section 6: Extinguishing rights and liabilities, and terminating proceedings
  • If, by force of Chapter 10 of the new Corporations Act; or Part 16 of the new ASIC Act; a person acquires, accrues or incurs a right or liability in substitution for a pre-commencement right or liability, the pre-commencement right or liability is cancelled at the relevant time.
• Section 7: Court proceedings and orders
  • This section applies to a proceeding, whether criminal or civil, in relation to which all of the following paragraphs are satisfied: (a) the proceeding was started in a court before the relevant time; (b) the proceeding was: (i) under a provision of the old ACT corporations legislation or the old ACT ASIC legislation; or (ii) brought as, or connected with, a prosecution for an offence against a provision of the old ACT corporations legislation or the old ACT ASIC legislation; and (c) the proceeding had not been concluded or terminated before the relevant time.