Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Part:
"carried over provision" of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory means a provision of that legislation that:
(a) was in force immediately before the commencement; and
(b) corresponds to a provision of the new ASIC legislation.
"commencement" means the commencement of this Act.
"corresponds" has a meaning affected by subsections (2), (3) and (4).
"instrument" means:
(a) any instrument of a legislative character (including an Act or regulations) or of an administrative character; or
(b) any other document.
"liability" includes a duty or obligation.
"made" includes issued, given or published.
"new ASIC legislation" means:
(a) this Act; and
(b) the new ASIC Regulations (as amended and in force from time to time) and any other regulations made under this Act; and
(c) the laws of the Commonwealth referred to in subparagraphs (a)(ii) and (b)(iii) of the definition of old ASIC legislation , being those laws as they apply after the commencement; and
(d) the preserved instruments.
"new ASIC Regulations" means the regulations that, because of section 264, have effect as if they were made under section 251 of this Act.
"old application Act" for a State or the Northern Territory means:
(a) in the case of New South Wales--the Corporations (New South Wales) Act 1990 of New South Wales as in force from time to time before the commencement; or
(b) in the case of Victoria--the Corporations (Victoria) Act 1990 of Victoria as in force from time to time before the commencement; or
(c) in the case of Queensland--the Corporations (Queensland) Act 1990 of Queensland as in force from time to time before the commencement; or
(d) in the case of Western Australia--the Corporations (Western Australia) Act 1990 of Western Australia as in force from time to time before the commencement; or
(e) in the case of South Australia--the Corporations (South Australia) Act 1990 of South Australia as in force from time to time before the commencement; or
(f) in the case of Tasmania--the Corporations (Tasmania) Act 1990 of Tasmania as in force from time to time before the commencement; or
(g) in the case of the Northern Territory--the Corporations (Northern Territory) Act 1990 of the Northern Territory as in force from time to time before the commencement.
"old ASIC Law" of a State in this jurisdiction or the Northern Territory means the ASIC Law or ASC Law of the State or Territory (within the meaning of the application Act of the State or Territory as in force from time to time before the commencement).
"old ASIC legislation" means:
(a) when used in relation to the Commonwealth--the following:
(i) the old ASIC Act and old ASIC Regulations, and any instruments made under that Act or those Regulations (including provisions as they had effect as the ASIC Law or ASIC Regulations of the Australian Capital Territory);
(ii) the laws of the Commonwealth as applying of their own force in relation to the old ASIC Act and old ASIC Regulations of the Commonwealth from time to time before the commencement, and any instruments made under those laws as so applying; and
(b) when used in relation to a State in this jurisdiction or the Northern Territory--the following:
(i) the old ASIC Law and old ASIC Regulations of the State or Territory, and any instruments made under that Law or those Regulations; and
(ii) the old application Act for the State or Territory, and any instruments made under that Act; and
(iii) the laws of the Commonwealth as they applied in relation to the old ASIC Law and the old ASIC Regulations of the State or Territory from time to time before the commencement as laws of, or for the government of, that State or Territory because of Part 8 or Division 6 of Part 11 of the old Application Act for that State or Territory, and any instruments made under those laws as so applying.
"old ASIC Regulations" means:
(a) when used in relation to the Commonwealth--the regulations made under section 251 or 252 of the old ASIC Act as in force from time to time before the commencement (including regulations as they had effect as the ASIC Regulations of the Australian Capital Territory); and
(b) when used in relation to a State in this jurisdiction or the Northern Territory--the ASIC Regulations or ASC Regulations of that State or Territory (within the meaning of the old application Act for the State or Territory) as in force from time to time before the commencement.
"old corporations legislation" has the meaning given by subsection 1371(1) of the Corporations Act 2001 .
"order" , in relation to a court, includes any judgment, conviction or sentence of the court.
"pre-commencement right or liability" has the meaning given by subsection 276(1) or 277(1).
"preserved instrument" means an instrument that, because of section 275, has effect after the commencement as if it were made under a provision of the new ASIC legislation.
"right" includes an interest or status.
"substituted right or liability" has the meaning given by subsection 276(2) or 277(3).
"this Part " includes regulations made for the purposes of any of the provisions of this Part.
(2) Subject to subsection (4), for the purposes of this Part, a provision or part (the old provision or part ) of the old ASIC legislation of the Commonwealth, a State or the Northern Territory corresponds to a provision or part (the new provision or part ) of the new ASIC legislation (and vice versa) if:
(a) the old provision or part and the new provision or part are substantially the same, unless the regulations specify that the 2 provisions or parts do not correspond; or
(b) the regulations specify that the 2 provisions or parts correspond.
Note: The range of provisions of the new ASIC legislation that may be corresponding provisions for the purposes of this Part is affected by sections 277 and 284, which take certain provisions of the old ASIC legislation to be included in the new ASIC legislation.
(3) For the purposes of paragraph (2)(a), differences of all or any of the following kinds are not sufficient to mean that 2 provisions or parts are not substantially the same:
(a) differences in the numbering of the provisions or parts;
(b) differences of a minor technical nature (for example, differences in punctuation, or differences that are attributable to the correction of incorrect cross references);
(c) the fact that one of the provisions refers to a corresponding previous law, or a relevant previous law, and the other does not;
(d) other differences that are attributable to the fact that the new ASIC legislation applies as a Commonwealth law throughout Australia;
(e) other differences of a kind prescribed by the regulations for the purposes of this paragraph.
This subsection is not intended to otherwise limit the circumstances in which 2 provisions or parts are, for the purposes of paragraph (2)(a), substantially the same.
(4) The regulations may provide that a specified provision of the old ASIC legislation of the Commonwealth, a State or the Northern Territory does, or does not, correspond to a specified provision of the new ASIC legislation.