THE CORPORATIONS LAW

CHAPTER 11 - APPLICATION AND TRANSITIONAL PROVISIONS

PART 11.2 - COMMENCEMENT AND APPLICATION OF CERTAIN CHANGES TO THIS LAW

Division 12 - Changes resulting from the Corporate Law Economic Reform Program Act 1999

SECTION 1481   DEBENTURES - APPLICATION AND TRANSITIONAL PROVISIONS  

1481(1)  [Provision relating to power to issue debentures]  

Paragraph 124(1)(b) of the new Law applies to all debentures or trust deeds regardless of whether they were issued or made before or after commencement.

1481(2)  [Provision relating to redemption of debentures]  

Section 563AAA applies in relation to the issue of debentures regardless of whether that event occurs before or after commencement.

1481(3)  [Provision relating to liability of trustees]  

A provision in force immediately before the date of commencement of section 1062 of the old Law is not void under section 260JB of the new Law if a trustee who was entitled to the benefit of the provision before that date remains a trustee of the trust deed concerned.

1481(4)  [Provision relating to indemnification of trustee]  

Subsection 260JB(1) does not deprive a trustee of an exemption or right to be indemnified for anything done or omitted to be done by the trustee while a term or provision was in force even if that provision later becomes void under subsection 260JB(1).

1481(5)  [Trust deed]  

On commencement, each of the provisions required by section 260FB is taken to be included in a trust deed that:

(a)  is required by section 260FA; and

(b)  is in effect immediately before commencement; and

(c)  would not otherwise include that provision.