CORPORATIONS ACT 2001
Subject to subsection (4), this section applies in relation to a right or liability (the pre-commencement right or liability ), whether civil or criminal, that:
(i) acquired, accrued or incurred under a carried over provision of the old corporations legislation of a State or Territory in this jurisdiction; and
(ii) in existence immediately before the commencement; or
(b) would have been:
(i) acquired, accrued or incurred under such a provision; and
(ii) in existence immediately before the commencement;
if every agreement that was valid only because of section 249 of the ASIC Act had been a valid agreement without the application of that section.
However, this section does not apply to a right or liability under an order made by a court before the commencement.
On the commencement, the person acquires, accrues or incurs a right or liability (the substituted right or liability ), equivalent to the pre-commencement right or liability, under the corresponding provision of the new corporations legislation (as if that provision applied to the conduct or circumstances that gave rise to the pre-commencement right or liability).
Note: If a time limit applied in relation to the pre-commencement right or liability under the old corporations legislation, that same time limit (calculated from the same starting point) will apply under the new corporations legislation to the substituted right or liability - see subsection 1402(3) .1400(3)
A procedure, proceeding or remedy in respect of the substituted right or liability may be instituted after the commencement under the new corporations legislation (as if that provision applied to the conduct or circumstances that gave rise to the pre-commencement right or liability). 1400(4)
If, immediately before the commencement, a person had an accrued right to make a claim under a provision of Part 7.10 of the old Corporations Law of a State that is not a referring State (and so is not in this jurisdiction), this section applies in relation to that right in the same way as it would have applied if the State had been a referring State.
Note: Except to the extent provided in this subsection, this Part does not create rights and liabilities that are equivalent to those that existed under the old corporations legislation of a non-referring State.1400(5)
This section does not apply to a pre-commencement right or liability that:
(a) existed under a law of the Commonwealth or of a State or Territory; and
(b) would not have existed if any agreement that is valid only because of section 249 of the ASIC Act had been a valid agreement without the application of that section.
Paragraph (1)(b) and subsection (5) have effect in relation to:
(a) proceedings (whether original or appellate) that begin on or after the day the Treasury Laws Amendment (2017 Measures No. 3) Act 2017 receives the Royal Assent; and
(b) proceedings that began before that day, if the proceedings (including any appeals) had not been finally determined as at that day.
Nothing in paragraph (1)(b) or subsection (5) or (6) limits the operation of section 249 of the ASIC Act.
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