THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 10 - Transitional

SECTION 988   CLAIMS UNDER CORRESPONDING PREVIOUS LAW  

988(1)  [Claim under corresponding previous law]  

Any claim made before the commencement of this Part against NSEGC under a previous law of this jurisdiction corresponding to a provision of this Part shall:

(a)  unless the claim was disallowed before that commencement, be deemed to be a claim against SEGC made under that provision of this Part; and

(b)  if the claim had been allowed but had not been settled before that commencement, be treated as if it had been allowed under that provision of this Part.

988(2)  [Claim deemed served on SEGC]  

A claim that was served on NSEGC before the commencement of this Part and was not disallowed before that commencement shall be deemed to have been served on SEGC.

988(3)  [Act deemed done by SEGC]  

Any act done by NSEGC or the previous Board before the commencement of this Part under or for the purposes of a previous law of this jurisdiction corresponding to a provision of this Part shall be deemed to have been done by SEGC or the Board, as the case may be, under or for the purposes of that provision of this Part.

988(4)  [Generality not affected]  

The generality of subsection (3) is not affected by the following provisions of this section.

988(5)  [Effect of determination of previous Board]  

A determination by the previous Board before the commencement of this Part under a previous law of this jurisdiction corresponding to a provision of this Part has effect as if it were made by the Board under that provision of this Part.

988(6)  [Notice deemed published by SEGC]  

A notice published by NSEGC before the commencement of this Part under a previous law of this jurisdiction corresponding to a provision of this Part shall be deemed to have been published by SEGC under that provision of this Part.

988(7)  [Securities deemed bought by SEGC]  

Any securities bought by NSEGC before the commencement of this Part for a purpose of a corresponding previous law shall be deemed to have been bought by SEGC for the corresponding purpose of this Part.