CORPORATIONS ACT 2001 - SECT 1402 Old corporations legislation time limits etc.

CORPORATIONS ACT 2001 - SECT 1402

  (1)   An old corporations legislation time limit (see subsection   (4)):

  (a)   the starting point of which:

  (i)   was known or had been determined before the commencement (whether that starting point occurred or would occur before, on or after the commencement); or

  (ii)   would have become known, or have been determined, after the commencement if the old corporations legislation of the relevant State or Territory had continued to apply (whether that starting point would have occurred before, on or after the commencement); and

  (b)   that had not ended at or before the commencement;

continues to run, or starts or started to run, as if that same time limit (starting from the same starting point) were applicable under the new corporations legislation.

  (2)   If:

  (a)   under the old corporations legislation, a process (for example, the winding up of a company), a status of a person or body (for example, a body's registration as a company or a person's status as a registered liquidator), or an instrument, commenced from a particular time before the commencement; and

  (b)   that process, status or instrument is continued after the commencement for the purposes of the new corporations legislation by a provision of this Part;

that process, status or instrument as so continued is still taken to have commenced from the time referred to in paragraph   (a).

  (3)   If an old corporations legislation time limit related to a pre - commencement right or liability, the same time limit applies in relation to the substituted right or liability.

  (4)   In this section:

"old corporations legislation time limit" includes:

  (a)   a period for the doing of a thing specified or determined under a provision of the old corporations legislation of a State or Territory; or

  (b)   a period specified or determined under a provision of the old corporations legislation of a State or Territory as the duration of a particular instrument or status.