Trade Practices Amendment (Australian Consumer Law) Act (No. 1) 2010 (44 of 2010)

Schedule 3   Amendment of corporations legislation

Part 1   Unfair contract terms

Australian Securities and Investments Commission Act 2001

8   Application and transitional provisions

(1) Subdivision BA of Division 2 of Part 2 of the Australian Securities and Investments Commission Act 2001 applies to a contract entered into on or after the commencement of this Part of this Schedule.

(2) That Subdivision does not apply to a contract entered into before the commencement of this Part of this Schedule. However:

(a) if the contract is renewed on or after that commencement - that Subdivision applies to the contract as renewed, on and from the day (the renewal day ) on which the renewal takes effect, in relation to conduct that occurs on or after the renewal day; or

(b) if a term of the contract is varied on or after that commencement, and paragraph (a) has not already applied in relation to the contract - that Subdivision applies to the term as varied, on and from the day (the variation day ) on which the variation takes effect, in relation to conduct that occurs on or after the variation day.

(2A) If paragraph (2)(b) applies to a term of a contract, subsection 12BF(2) or section 12BK of the Australian Securities and Investments Commission Act 2001 applies to the contract.

(3) Despite paragraphs (2)(a) and (b) and subitem (2A), that Subdivision does not apply to a contract, or a term of a contract, to the extent that the operation of that Subdivision would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).