Corporations (Repeals, Consequentials and Transitionals) Act 2001 (Incorporating amendments up to Act No. 116 of 2003) (55 of 2001)

Schedule 2   Amendment of the new ASIC and corporations legislation on commencement of that legislation

Corporations Act 2001

16   After section 1384

Insert:

1384A Appeals etc. in relation to some former federal corporations proceedings

(1) This section applies to a proceeding in relation to which all of the following paragraphs are satisfied:

(a) the proceeding was started in a court before the commencement;

(b) the proceeding was a federal corporations proceeding that related to a matter to which a provision of the old corporations legislation of a State or Territory in this jurisdiction applied; and

(c) the proceeding had been concluded or terminated before the commencement.

(2) A decision or order made in the proceeding may be appealed against, or otherwise reviewed, as if it had been made in a proceeding that related to a matter to which a provision of this Act applied.

(3) An order made in the proceeding may be enforced as if it had been made in a proceeding that related to a matter to which a provision of this Act applied.

1384B Effect of decisions and orders made in federal corporations proceedings before commencement

(1) For the avoidance of doubt, if:

(a) a proceeding was started in a court before the commencement; and

(b) the proceeding was a federal corporations proceeding that related to a matter to which a provision of the old corporations legislation of a State or Territory in this jurisdiction applied; and

(c) a decision was made or an order given in the proceeding before the commencement;

the decision or order continues to have effect after the commencement despite the provision of the old corporations legislation ceasing to have effect.

(2) This section does not limit the operation of section 1384 in relation to the decision or order.