CORPORATIONS REGULATIONS 2001 - REG 12.1.03 Interpretation of applied provisions

CORPORATIONS REGULATIONS 2001 - REG 12.1.03

  (1)   Subregulation (2) applies to a provision of the following instruments:

  (a)   a previous governing Code that is applied by or under a provision of this Chapter;

  (b)   an instrument made under a Code mentioned in paragraph   (a) that is applied by or under this Chapter;

  (c)   an ASIC transitional standard within the meaning of Part   12.7 or an instrument made under a provision of the standard.

  (2)   This subregulation   applies if there is a reference in the provision to any of the following:

  (a)   a word or expression that is defined in the Act or these Regulations;

  (b)   a power exercised by AFIC or an SSA;

  (c)   a class of body;

  (d)   the rules of a body;

  (e)   the accounts, or group accounts, of a body;

  (f)   a previous governing Code or a provision of the Code;

  (g)   an ASIC transitional standard within the meaning of Part   12.7 or a provision of the standard;

  (h)   an APRA transitional prudential standard or a provision of the standard;

  (i)   an instrument made under a Code, an ASIC transitional standard, an APRA transitional prudential standard or a provision of the instrument.

  (3)   A word or expression that is defined in the Act or these regulations applies to each use of the word or expression unless the contrary intention appears.

  (4)   A reference to a power exercised by AFIC or an SSA is to be read as if it were a reference to an equivalent power exercised by ASIC under the Act, these regulations, another Commonwealth law or an ASIC transitional standard.

  (5)   A reference to a class of body is to be read as if it were the comparable class of company after the transition date.

  (6)   A reference to the rules of a body is to be read as if it were a reference to the constitution of the body.

  (7)   A reference to accounts, or group accounts, of a body is to be read as if it were a reference to a financial report, or consolidated financial statements, of the body.

  (8)   A reference to any matter mentioned in subregulation   (2) is to be read in a way that:

  (a)   is consistent with, and promotes, the transition from the application of a previous governing Code to a transferring financial institution of a State or Territory to the application to the institution of the Act and these regulations; and

  (b)   is consistent with the duties, functions and powers of ASIC or an SSA; and

  (c)   does not alter the interpretation or operation of the instrument in which the reference appears.