Victorian Consolidated Legislation

Corporations (Ancillary Provisions) Act 2001 - SECT 4

Corresponding provision

4. Corresponding provision



(1) For the purposes of this Act, a provision (the old provision) of the old
corporations legislation or the old ASIC legislation corresponds to a
provision (the new provision) of the new corporations legislation or the new
ASIC legislation (and vice versa) if-

   (a)  the old provision and the new provision are substantially the same,
        unless the regulations specify that the 2 provisions do not
        correspond; or

   (b)  the regulations specify that the 2 provisions correspond.

(2) For the purposes of this Act, a provision (the old provision) of a
previous State corporations law corresponds to a provision (the new provision)
of a national scheme law of this jurisdiction (and vice versa) if-

   (a)  the old provision and the new provision are substantially the same,
        unless the regulations specify that the 2 provisions do not
        correspond; or

   (b)  the regulations specify that the 2 provisions correspond.



(3) For the purposes of subsection (1)(a) or (2)(a), differences of all or any
of the following kinds are not sufficient to mean that 2 provisions are not
substantially the same-

   (a)  differences in the numbering of the provisions;

   (b)  differences of a minor technical nature (for example, differences in
        punctuation, or differences that are attributable to the correction of
        incorrect cross references);

   (c)  the fact that one of the provisions refers to a corresponding previous
        law and the other does not;

   (d)  for the purposes of subsection (1)(a), the fact that-

   (i)  the old provision allowed a court to exercise powers on its own motion
        but the new provision does not; or

   (ii) the old provision required a court to apply a criterion of public
        interest but the new provision requires a court to apply a criterion
        of justice and equity; or

   (iii) the new provision requires ASIC to take account of public interest
        but the old provision did not;

   (e)  for the purposes of subsection (1)(a), other differences that are
        attributable to the fact that the new corporations legislation and the
        new ASIC legislation apply as Commonwealth laws in this and other
        States and in the internal Territories;

   (f)  other differences of a kind prescribed by the regulations for the
        purposes of this paragraph.

(4) Subsection (3) is not intended to otherwise limit the circumstances in
which 2 provisions are, for the purposes of subsection (1)(a) or (2)(a),
substantially the same.

(5) The regulations may provide that-

   (a)  a specified provision of the old corporations legislation does, or
        does not, correspond to a specified provision of the new corporations
        legislation;

   (b)  a specified provision of the old ASIC legislation does, or does not,
        correspond to a specified provision of the new ASIC legislation;

   (c)  a specified provision of a previous State corporations law does, or
        does not, correspond to a specified provision of a national scheme law
        of this jurisdiction.