Corporations Act 2001
CHAPTER 10
-
TRANSITIONAL PROVISIONS
PART 10.1
-
TRANSITION FROM THE OLD CORPORATIONS LEGISLATION
Division 6
-
General transitional provisions relating to other things done etc. under the old corporations legislation
SECTION 1403
PRESERVATION OF SIGNIFICANCE ETC. OF EVENTS OR CIRCUMSTANCES
1403(1)
[
Preservation of significance]
(a) that occurred or arose before the commencement under or as mentioned in a provision of the old corporations legislation of a State or Territory in this jurisdiction; and
(b) that had a particular significance, status or effect for the purposes of a carried over provision of that legislation (including because of an interpretive provision);(a) if a company took action before the commencement that had the result for the purposes of section 200B of the old Corporations Law of making a superannuation fund a prescribed superannuation fund in relation to the company, that action has that same effect for the purposes of section 200B of this Act; and
(b) a delay that could have been taken into account for the purposes of subsection 874(1) of the old Corporations Law also counts for the purposes of subsection 874(1) of this Act.
1403(2)
[
Particular significance of event, circumstance or other thing]
(a) the carried over provision created an obligation in respect of the event, circumstance or thing (whenever it arose); or
(b) the carried over provision provided for the event, circumstance or thing to be dealt with in a particular way; or
(c) the carried over provision stated that the event, circumstance or thing (whenever it arose) was to be disregarded for the purposes of that provision or was not covered by that provision.
An event, circumstance or other thing:
(a) that occurred or arose before the commencement under or as mentioned in a provision of the old corporations legislation of a State or Territory in this jurisdiction; and
(b) that had a particular significance, status or effect for the purposes of a carried over provision of that legislation (including because of an interpretive provision);
has that same significance, status and effect after the commencement for the purposes of the provision of the new corporations legislation that corresponds to that carried over provision.
Note: So, for example:
Without limiting subsection (1), an event, circumstance or other thing had a particular significance for the purposes of a carried over provision of the old corporations legislation of a State or Territory in this jurisdiction if:
(a) the carried over provision created an obligation in respect of the event, circumstance or thing (whenever it arose); or
(b) the carried over provision provided for the event, circumstance or thing to be dealt with in a particular way; or
(c) the carried over provision stated that the event, circumstance or thing (whenever it arose) was to be disregarded for the purposes of that provision or was not covered by that provision.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.