Commonwealth Consolidated Acts

CORPORATIONS (REPEALS, CONSEQUENTIALS AND TRANSITIONALS) ACT 2001 - SECT 5

             (1)  For the purposes of this Act, a provision (the old provision ) of the old ACT corporations legislation or the old ACT ASIC legislation corresponds to a provision (the new provision ) of the new corporations legislation or the new ASIC legislation (and vice versa) if:

                     (a)  the old provision and the new provision are substantially the same, unless the regulations specify that the 2 provisions do not correspond; or

                     (b)  the regulations specify that the 2 provisions correspond.

             (2)  For the purposes of paragraph (1)(a), differences of all or any of the following kinds are not sufficient to mean that 2 provisions are not substantially the same:

                     (a)  differences in the numbering of the provisions;

                     (b)  differences of a minor technical nature (for example, differences in punctuation, or differences that are attributable to the correction of incorrect cross references);

                     (c)  the fact that one of the provisions refers to a corresponding previous law and the other does not;

                     (d)  the fact that:

                              (i)  the old provision allowed a court to exercise powers on its own motion but the new provision does not; or

                             (ii)  the old provision required a court to apply a criterion of public interest but the new provision requires a court to apply a criterion of justice and equity; or

                            (iii)  the new provision requires ASIC to take account of public interest but the old provision did not;

                     (e)  other differences that are attributable to the fact that the new corporations legislation and the new ASIC legislation apply as Commonwealth laws in the States and the internal Territories;

                      (f)  other differences of a kind prescribed by the regulations for the purposes of this paragraph.

             (3)  Subsection (2) is not intended to otherwise limit the circumstances in which 2 provisions are, for the purposes of paragraph (1)(a), substantially the same.

             (4)  The regulations may provide that:

                     (a)  a specified provision of the old ACT corporations legislation does, or does not, correspond to a specified provision of the new corporations legislation; or

                     (b)  a specified provision of the old ACT ASIC legislation does, or does not, correspond to a specified provision of the new ASIC legislation.