Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a proceeding in relation to which the following paragraphs are satisfied:
(a) the proceeding was started in a court before the commencement; and
(b) the proceeding was a federal ASIC proceeding that related to a matter to which a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory applied; and
(c) the proceeding had not been concluded or terminated before the commencement.
(2) In this section:
(a) the proceeding to which this section applies is called the continued proceeding ; and
(b) the provision of the old ASIC legislation referred to in paragraph (1)(b) is called the relevant old provision .
(3) Subject to subsection (4):
(a) the continued proceeding continues after the commencement in the same court as if it were, and always had been, a proceeding in relation to a matter to which the provision of the new ASIC legislation that corresponds to the relevant old provision applies; and
(b) to the extent that the proceeding, before the commencement, related to pre - commencement rights or liabilities, the proceeding, as continued, relates, and is taken always to have related, to the substituted rights and liabilities in relation to those pre - commencement rights and liabilities.
Note 1: See sections 276 and 277 for the creation of substituted rights and liabilities.
Note 2: In all cases, there will be a provision of the new ASIC legislation that corresponds to the relevant old provision, either because:
(a) the new ASIC legislation actually contains a provision that corresponds to the relevant old provision; or
(b) the new ASIC legislation, because of section 277 or 284, is taken to include the relevant old provision (whether with or without modifications), in which case the provision so taken to be included will be the corresponding provision.
(4) Subject to any order to the contrary made by the court, the court must deal with the continued proceeding as if:
(a) the steps that had been taken for the purposes of the proceeding before the commencement had been taken for the purpose of the proceeding as continued by this section; and
(b) any orders made in relation to the proceeding before the commencement had been made in relation to the proceeding as continued by this section.