Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006 (125 of 2006)

Schedule 3   Transitional provisions

Part 2   Bringing transitional corporations across to new system

Division 9   Record keeping

51   Record keeping requirements

(1) Despite item 6, subsection 322-10(1) does not apply to records about:

(a) a transaction of a transitional corporation; or

(b) a matter relating to a transitional corporation's financial position and performance;

if the transaction or matter happened before commencement.

Note: Obligations and liabilities that arose under subsection 59(1) and paragraph 59(5)(b) of the old Act, and exemptions under section 59A of the old Act, are not affected by the repeal of that Act (see section 8 of the Acts Interpretation Act 1901).

(2) Without limiting item 6, the financial records that a transitional corporation is required to keep under Division 322 of the new Act are taken to include the accounts, records and reports:

(a) kept by the corporation in accordance with subsection 59(1) or paragraph 59(5)(b) of the old Act; and

(b) accessible by the corporation immediately before commencement.