Commonwealth Consolidated Acts

CORPORATIONS (REPEALS, CONSEQUENTIALS AND TRANSITIONALS) ACT 2001 - SECT 6

  (1)   If, by force of:

  (a)   Chapter   10 of the new Corporations Act; or

  (b)   Part   16 of the new ASIC Act;

a person acquires, accrues or incurs a right or liability in substitution for a pre - commencement right or liability, the pre - commencement right or liability is cancelled at the relevant time.

  (2)   A proceeding in a court that:

  (a)   was started before the relevant time; and

  (b)   was:

  (i)   under a provision of the old ACT corporations legislation or the old ACT ASIC legislation; or

  (ii)   brought as, or connected with, a prosecution for an offence against a provision of the old ACT corporations legislation or the old ACT ASIC legislation; and

  (c)   was a proceeding to which section   1383 of the new Corporations Act or section   267 of the new ASIC Act applies; and

  (d)   had not been concluded or terminated before the relevant time;

is terminated at the relevant time by force of this subsection.

  (3)   If, by force of a Commonwealth Act (other than the new Corporations Act) referred to in sections   1393 to 1396 of the new Corporations Act, a person becomes liable to pay an amount that is the same as, and is in respect of the same matter as, an amount (the pre - commencement amount ) that was payable by the person before the relevant time under a provision of the old ACT corporations legislation, the person's liability to pay the pre - commencement amount is cancelled at the relevant time.

  (4)   This section has effect despite anything in the Acts Interpretation Act 1901 .