Commonwealth Consolidated Acts Commonwealth Consolidated ActsApplication of new section 198G
(1) Section 198G (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 ) applies in relation to an exercise of power or a performance of a function that occurs on or after the commencement day.
Approval under old Act continues to have effect
(2) If, under subsection 499(4) of the old Act, a committee of inspection or the company's creditors give approval for a director of the company to continue to perform or exercise the director's powers or functions, subsections 198G(1) and (2) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 ) do not apply in relation to the director.