S 376 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007. S 376 formerly read:
SECTION 376 REGULATIONS MAY MODIFY APPLICATION OF ACT AND APPLY PROVISIONS OF THE CORPORATIONS LAW ETC.
376(1)
The regulations may modify:
(a)
this Act (other than this Part); and
(b)
the regulations made under this Act (other than this Part);
as they apply in relation to the Part
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entity during the transitional period.
376(2)
A modification under subsection (1) must not change the penalty for an offence.
History
S 376(2) substituted by No 123 of 2001, s 3 and Sch 1 item 341, effective 11 March 2002. S 376(2) formerly read:
376(2)
A modification under subsection (1) must not:
(a)
change the penalty for an offence; or
(b)
be inconsistent with section 375.
376(3)
The regulations may provide that some or all of the provisions of:
(a)
Division 5 of Part 7.12 of the Corporations Law of the Australian Capital Territory as in force at the commencement of this Part; and
(b)
Part 7.12 of the Corporations Regulations of the Australian Capital Territory as then in force;
apply, with such modifications as are prescribed, in relation to the Part 31 entity during the transitional period.
376(4)
The provisions so applied (the
applied provisions
) have effect as if:
(a)
they were provisions of this Act; and
(b)
interests in the Part
31
entity were prescribed interests for the purposes of the applied provisions.
376(5)
Subject to subsection (6), the regulations may provide penalties for offences against the applied provisions not exceeding 10 penalty units.
376(6)
If:
(a)
the regulations create an offence against an applied provision; and
(b)
the maximum pecuniary penalty for an offence against the corresponding provision of the Corporations Law or Corporations Regulations of the Australian Capital Territory exceeds the penalty that, by subsection (5), could be imposed for an offence against the applied provision;
the regulations may provide a maximum penalty for an offence against the applied provision not exceeding the maximum pecuniary penalty referred to in paragraph (b), but nothing in this subsection enables the regulations to provide penalties of imprisonment.
376(7)
Regulations made for the purposes of this section may be expressed to apply to any fund or trust that is, for the purposes of the application of this Division in relation to the fund or trust, the Part
31
entity.
376(8)
In this section:
modifications
includes additions, omissions and substitutions.
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