CORPORATIONS (COMMONWEALTH POWERS) ACT 2001 - SECT 5 Termination of references

CORPORATIONS (COMMONWEALTH POWERS) ACT 2001 - SECT 5

5 Termination of references

(1) Subject to earlier termination under this section, the references terminate on the day that is the fifth anniversary of the day of commencement of the Corporations legislation or on a later day fixed by the Governor by proclamation under section 6.

(2) Both the references terminate on a day that is earlier than the prescribed termination day if the Governor fixes that earlier day by proclamation under section 7 as the day on which the references terminate.

(3) The amendment reference alone terminates on a day that is earlier than the prescribed termination day if the Governor fixes that earlier day by proclamation under section 7 as the day on which the amendment reference terminates.

(4) If the amendment reference terminates before the initial reference, the termination of the amendment reference does not affect:

(a) laws that were made under the amendment reference before that termination but have not come into operation before that termination, or

(b) the continued operation in the State of the Corporations legislation as in operation immediately before that termination or as subsequently amended or affected by:

(i) laws referred to in paragraph (a), or

(ii) provisions referred to in section 4 (4) (a) or (b).

(5) For the purposes of subsection (4):

(a) the laws referred to in subsection (4) (a) include Corporations instruments, and

(b) the reference in subsection (4) (b) to the Corporations legislation as in operation immediately before the termination of the amendment reference includes that legislation as affected by Corporations instruments that have come into operation before that time.