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

Australian Securities and Investments Commission Act 2001

3   Subsection 255(4)

Repeal the subsection, substitute:

(4) In this section:

State validation Act means an Act of a State in this jurisdiction under which certain administrative actions (within the meaning of that Act) taken, or purportedly taken, at or before the commencement by Commonwealth authorities or officers of the Commonwealth (within the meaning of that Act) pursuant to functions or powers (the relevant functions or powers ) conferred, or purportedly conferred, by or under laws that include the old application Act for that State have, and are deemed always to have had, the same force and effect for all purposes as they would have had if:

(a) they had been taken, or purportedly taken by a State authority or officer of the State (within the meaning of that Act); and

(b) the relevant functions or powers had been duly conferred on those authorities or officers.