CORPORATIONS (FINANCIAL SERVICES REFORM AMENDMENTS) ACT 2002 - SECT 3 Validation

CORPORATIONS (FINANCIAL SERVICES REFORM AMENDMENTS) ACT 2002 - SECT 3

    (1)     In this section –

"relevant period" means the period –

        (a)     starting on the commencement of Schedule 1 to the Financial Services Reform Act 2001 of the Commonwealth and

        (b)     ending immediately before the Administrator's assent to this Act is declared.

    (2)     Anything done or omitted to be done by a person or body during the relevant period that would have been valid and lawful had this Act been in operation at the time at which the thing was done or omitted is taken to be, and to have always been, valid and lawful.

    (3)     Anything done or omitted to be done by a person or body during the relevant period that would have been valid and lawful had none of the provisions of the Financial Services Reform Act 2001 of the Commonwealth been in operation at the time at which the thing was done or omitted is taken to be, and to have always been, valid and lawful.

    (4)     Anything done or omitted to be done by a person or body during the relevant period –

        (a)     that could only have been validly and lawfully done or omitted because this Act commenced after Schedule 1 to the Financial Services Reform Act 2001 of the Commonwealth commenced; and

        (b)     that could not have been validly and lawfully done or omitted if this Act had commenced at the same time as Schedule 1 to the Financial Services Reform Act 2001 of the Commonwealth commenced,

is taken not to be valid and to never have been valid.