Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The following are, for all purposes, taken to be, and always to have been, valid agreements:
(a) an agreement purportedly made, before the end of 9 March 2017, under subsection 120(3) of this Act or the old ASIC Act (whether or not the terms and conditions of employment under the agreement were validly determined under subsection 120(4) of this Act or the old ASIC Act);
(b) an agreement purportedly made, before the end of 9 March 2017, under subsection 121(1) of this Act or the old ASIC Act (whether or not the terms and conditions of engagement under the agreement were validly determined under subsection 121(2) of this Act or the old ASIC Act).
Note 1: As a result of this section (and the definition of staff member in subsection 5(1)), a person employed or engaged under the purported agreement would be a staff member of ASIC, and would therefore be able to exercise functions and powers delegated under section 102.
Note 2: Validation of an agreement under this section affects the significance, status and effect of the agreement, and matters relating to the agreement, for the purposes of section 279 of this Act and section 1403 of the Corporations Act 2001 .
(2) Subsection (1) applies to such an agreement whether or not it was expressed to be made on behalf of the Commonwealth.
(3) Subsections (1) and (2) have effect in relation to:
(a) proceedings (whether original or appellate) that begin on or after the day the Treasury Laws Amendment (2017 Measures No. 3) Act 2017 receives the Royal Assent; and
(b) proceedings that began before that day, if the proceedings (including any appeals) had not been finally determined as at that day.