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CORPORATIONS (NATIONAL GUARANTEE FUND LEVIES) ACT 2001 - SECT 6

Transitional matters

(1) If, immediately before the commencement of this Act, an amount was payable by a person to a securities exchange under section 938 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the securities exchange as agent for the Commonwealth. (2) If, immediately before the commencement of this Act, an amount was payable by a person to SEGC under section 940 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to SEGC as agent for the Commonwealth. (3) If, immediately before the commencement of this Act, an amount was payable by a person to a securities exchange under section 941 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the securities exchange as agent for the Commonwealth. (4) A determination of a rate or rates, or an amount, in force immediately before the commencement for the purposes of section 938, 940 or 941 of the old Corporations Law of a State or Territory in this jurisdiction continues to have effect (and may be dealt with) after the commencement of this Act as if it were:

(a)
in the case of a determination for the purposes of section 938—a determination for the purposes of subsection 5(1) of this Act; or

(b)
in the case of a determination for the purposes of section 940—a determination for the purposes of subsection 5(2) of this Act; or

(c)
in the case of a determination for the purposes of section 941—a determination for the purposes of subsection 5(3) of this Act.

(89/01)


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