THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.9 - MISCELLANEOUS

Division 4 - Transitional

SECTION 601   WINDING UP STARTED BEFORE COMMENCEMENT OF THIS CHAPTER  

601    The provisions of this Law with respect to winding up do not apply to any body corporate the winding up of which was started before the commencement of this Chapter and:

(a)  any such company is to be wound up in the same manner, and with the same incidents, as if this Law had not been enacted; and

(b)  for the purposes of the winding up, the previous law of this jurisdiction corresponding to this Chapter is taken to remain in force and to apply, with such modifications as the circumstances require, as if a reference in that previous law to the NCSC were, except in relation to a time before the commencement of section 254 of the ASIC Law, a reference to the Commission.