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

Part 3   Special transitional arrangements for ACT

Division 1   Transitional arrangements for the former Corporations Law and ASIC Law

6   Extinguishing rights and liabilities, and terminating proceedings, dealt with by new Corporations legislation

 

(1) If, by force of:

(a) Chapter 10 of the new Corporations Act; or

(b) Part 16 of the new ASIC Act;

a person acquires, accrues or incurs a right or liability in substitution for a pre-commencement right or liability, the pre-commencement right or liability is cancelled at the relevant time.

      

(2) A proceeding in a court that:

(a) was started before the relevant time; and

(b) was:

(i) under a provision of the old ACT corporations legislation or the old ACT ASIC legislation; or

(ii) brought as, or connected with, a prosecution for an offence against a provision of the old ACT corporations legislation or the old ACT ASIC legislation; and

(c) was a proceeding to which section 1383 of the new Corporations Act or section 267 of the new ASIC Act applies; and

(d) had not been concluded or terminated before the relevant time;

is terminated at the relevant time by force of this subsection.

      

(3) If, by force of a Commonwealth Act (other than the new Corporations Act) referred to in sections 1393 to 1396 of the new Corporations Act, a person becomes liable to pay an amount that is the same as, and is in respect of the same matter as, an amount (the pre-commencement amount ) that was payable by the person before the relevant time under a provision of the old ACT corporations legislation, the person’s liability to pay the pre-commencement amount is cancelled at the relevant time.

      

(4) This section has effect despite anything in the Acts Interpretation Act 1901.