THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 1 - Dealers and investment advisers and operators of managed investment schemes

SECTION 786A   SECURITY GIVEN UNDER PREVIOUS LAW  

786A(1)  [Application of section]  

This section applies where, immediately before the commencement of this Part:

(a)  a licence granted under a previous law of this jurisdiction corresponding to section 783 was in force; and

(b)  the licensee maintained a security, under a condition to which the licence was subject in accordance with a previous law of this jurisdiction corresponding to paragraph 786(2)(d), with the local authority within the meaning of that previous law.

786A(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 under a condition to which the licence is subject in accordance with paragraph 786(2)(d); 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.

786A(3)  [Regulations may apply security before commencement date]  

Without limiting subsection 786(9), 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.