Victorian Consolidated Legislation

Companies (Application of Laws) Act 1981 - SECT 18

Exclusion of Companies Act 1961 etc. and savings provisions

18. Exclusion of Companies Act 1961 etc. and savings provisions



(1) The provisions applying by reason of section 6 operate to the exclusion of
the provisions of the Companies Act 1961, the Marketable Securities Act 1970
and the Securities Industry Act 1975 in relation to acts, matters and things
in relation to which the first-mentioned provisions apply.

(2) The provisions of subsection (1) do not, unless the contrary intention
appears-

   (a)  revive anything not in force or existing at the time at which the
        exclusion of the provisions of the Companies Act 1961, the
        Marketable Securities Act 1970 and the Securities Industry Act 1975
        takes effect;

   (b)  affect the previous operation of any of those Acts or anything duly
        done or suffered under any of those Acts;

   (c)  affect any right, privilege, obligation or liability acquired or
        incurred under any of those Acts;

   (d)  affect any penalty, forfeiture or punishment incurred in respect of
        any offence committed against any of those Acts; or

   (e)  affect any investigation, legal proceeding or remedy in respect of any
        such right, privilege, obligation, liability, penalty, forfeiture or
        punishment-

and any such investigation, legal proceeding or remedy may be instituted,
continued or enforced and any such penalty, forfeiture or punishment may be
imposed as if subsection (1) had not been enacted.

(3) For the purposes of the operation of subsection (2)-

   (a)  the provisions of section 7(6) to (13) of the Companies Act 1961, of
        the Second Schedule to that Act and of any regulations prescribing
        fees for the purposes of section 7(11)(b) of that Act; and

   (b)  any other provisions of that Act or regulations under that Act that
        are necessary for the effectual operation of the provisions mentioned
        in paragraph (a)-

continue in force as if this Act had not been enacted, but it is not a
contravention of section 7(8) of the Companies Act 1961 as so continuing in
force to divulge or communicate information to the Commission or to a person
authorized by the Commission to receive that information.