Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to the following:
(a) an instrument made by ASIC as mentioned in subsection 9(6);
(b) an instrument made by ASIC under subsection 10(2).
Disallowance
(2) The Legislation Act 2003 applies to the instrument as if:
(a) references in sections 42 and 47 of that Act to 15 sitting days were instead references to 5 sitting days; and
(b) subsection 42(2) provided that an instrument or provision specified in a notice of motion to which that subsection applies is taken not to have been disallowed (instead of being taken to have been disallowed and to cease at that time to have effect).
When instrument takes effect
(3) If neither House of Parliament passes a resolution disallowing the instrument or a provision of the instrument, the instrument takes effect:
(a) on the day immediately after the last day upon which such a resolution could have been passed; or
(b) if a later day is specified in the instrument--on that later day.
(4) If either House of Parliament passes a resolution disallowing a provision of the instrument, the remaining provisions of the instrument take effect:
(a) on the day immediately after the last day upon which a resolution disallowing the instrument or a provision of the instrument could have been passed; or
(b) if a later day is specified in the instrument--on that later day.
(5) If either House of Parliament passes a resolution disallowing the instrument, the instrument does not take effect.