Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An old ASIC legislation time limit (see subsection (4)):
(a) the starting point of which:
(i) was known or had been determined before the commencement (whether that starting point occurred or would occur before, on or after the commencement); or
(ii) would have become known, or have been determined, after the commencement if the old ASIC legislation had continued to apply (whether that starting point would have occurred before, on or after the commencement); and
(b) that had not ended at or before the commencement;
continues to run, or starts or started to run, as if that same time limit (starting from the same starting point) were applicable under the new ASIC legislation.
(2) If:
(a) under the old ASIC legislation, a process, a status of a person or body, or an instrument, commenced from a particular time before the commencement; and
(b) that process, status or instrument is continued after the commencement for the purposes of the new ASIC legislation by a provision of this Part;
that process, status or instrument as so continued is still taken to have commenced from the time referred to in paragraph (a).
(3) If an old ASIC legislation time limit related to a pre - commencement right or liability, the same time limit applies in relation to the substituted right or liability.
(4) In this section:
"old ASIC legislation time limit" includes:
(a) a period for the doing of a thing specified or determined under a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory; or
(b) a period specified or determined under a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory as the duration of a particular instrument or status.