Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this section, a reference in the new ASIC legislation to an event, circumstance or thing of a particular kind that happens or arises, or that has happened or arisen, is taken to include a reference to an event, circumstance or thing of that kind that happened or arose at a time before the commencement, unless the contrary intention appears. The fact that the provision uses only the present tense in referring to an event, circumstance or thing is not, of itself, to be regarded as an expression of a contrary intention.
(2) Nothing in subsection (1) is taken to produce a result that a right or liability exists under a provision of the new ASIC legislation that relates solely to events, circumstances or things that occurred before the commencement.
Note: Instead, an equivalent right or liability will be created by section 276 or 277.
(3) The regulations may provide that subsection (1) does not apply in relation to a particular reference or class of references in the new ASIC legislation.