THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 10 - Transitional

SECTION 989   EXPENSES INCURRED UNDER CORRESPONDING PREVIOUS LAW  

989(1)  [Legal and other expenses incurred under corresponding previous law]  

Any legal and other expenses incurred before the commencement of this Part in investigating or defending claims made under a corresponding previous law or incurred in relation to the previous Fund or in the exercise by NSEGC or the previous Board of the rights, powers and authorities vested in it by the provisions of a corresponding previous law in relation to the previous Fund shall be deemed to be expenses to which paragraph 932(1)(b) applies.

989(2)  [Administrative expenses deemed to have been incurred in administration of Fund]  

Any expenses incurred before the commencement of this Part in the administration of the previous Fund, including the salaries and wages of persons employed by NSEGC or the previous Board in relation to the previous Fund, shall be deemed to have been incurred in the administration of the Fund.