THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.2 - REGISTRATION OF AUDITORS AND LIQUIDATORS

Division 2 - Registration

SECTION 1284A   SECURITY GIVEN UNDER PREVIOUS LAW  

1284A(1)  [Security under previous law]  

This section applies where, immediately before the commencement of this section, a person maintained a security, under a previous law of this jurisdiction corresponding to section 1284, with the local authority within the meaning of that previous law.

1284A(2)  [Continuing effect of security]  

After that commencement, the security has effect, with such modifications as are prescribed or the circumstances require, as if:

(a)  it were a security lodged and maintained in accordance with section 1284; and

(b)  the Commission were substituted for the local authority as a party to the security; and

(c)  a reference in the security to the local authority were a reference to the Commission.

1284A(3)  [Regulations]  

Without limiting subsection 1284(2), regulations for the purposes of that subsection may provide for the security to be applied in connection with an act done, an omission or event occurring, or a matter arising, before that commencement.