Commonwealth Consolidated Acts

CORPORATIONS (REPEALS, CONSEQUENTIALS AND TRANSITIONALS) ACT 2001 - SECT 5

  (1)   For the purposes of this Act, a provision (the old provision ) of the old ACT corporations legislation or the old ACT ASIC legislation corresponds to a provision (the new provision ) of the new corporations legislation or the new ASIC legislation (and vice versa) if:

  (a)   the old provision and the new provision are substantially the same, unless the regulations specify that the 2 provisions do not correspond; or

  (b)   the regulations specify that the 2 provisions correspond.

  (2)   For the purposes of paragraph   (1)(a), differences of all or any of the following kinds are not sufficient to mean that 2 provisions are not substantially the same:

  (a)   differences in the numbering of the provisions;

  (b)   differences of a minor technical nature (for example, differences in punctuation, or differences that are attributable to the correction of incorrect cross references);

  (c)   the fact that one of the provisions refers to a corresponding previous law and the other does not;

  (d)   the fact that:

  (i)   the old provision allowed a court to exercise powers on its own motion but the new provision does not; or

  (ii)   the old provision required a court to apply a criterion of public interest but the new provision requires a court to apply a criterion of justice and equity; or

  (iii)   the new provision requires ASIC to take account of public interest but the old provision did not;

  (e)   other differences that are attributable to the fact that the new corporations legislation and the new ASIC legislation apply as Commonwealth laws in the States and the internal Territories;

  (f)   other differences of a kind prescribed by the regulations for the purposes of this paragraph.

  (3)   Subsection   (2) is not intended to otherwise limit the circumstances in which 2 provisions are, for the purposes of paragraph   (1)(a), substantially the same.

  (4)   The regulations may provide that:

  (a)   a specified provision of the old ACT corporations legislation does, or does not, correspond to a specified provision of the new corporations legislation; or

  (b)   a specified provision of the old ACT ASIC legislation does, or does not, correspond to a specified provision of the new ASIC legislation.