Victorian Consolidated Legislation

Corporations (Ancillary Provisions) Act 2001 - SECT 7

Effect of section 6

7. Effect of section 6



(1) To the extent that a national scheme law of this jurisdiction ceases to
operate of its own force because of section 6, the effect is that which would
have resulted had this Act and that law been Commonwealth Acts in relation to
which the Acts Interpretation Act 1901 of the Commonwealth as in force on 1
November 2000 applied.

Note Part III of the Acts Interpretation Act 1901 of the Commonwealth contains
provisions dealing with the effect of repeal of an Act. These provisions
protect accrued rights and liabilities and allow legal proceedings in respect
of them to be commenced or continued. However, this section and section 9 have
the effect of cancelling certain rights and liabilities and terminating
certain legal proceedings.



(2) Despite subsection (1), if by force of Chapter 10 of the new
Corporations Act or Part 16 of the new ASIC Act a person acquires, accrues or
incurs a right or liability in substitution for a pre-commencement right or
liability, the pre-commencement right or liability is cancelled at the
relevant time and ceases at that time to be a right or liability under a law
of the State.

(3) Despite subsection (1), a proceeding in a court that-

   (a)  was started before the relevant time; and

   (b)  was-

   (i)  under a provision of the old corporations legislation or the old ASIC
        legislation; or

   (ii) brought as, or connected with, a prosecution for an offence against a
        provision of the old corporations legislation or the old ASIC
        legislation; and

   (c)  was a proceeding to which section 1383 of the new Corporations Act or
        section 267 of the new ASIC Act applies at the relevant time; and

   (d)  had not been concluded or terminated before the relevant time-

is terminated at the relevant time by force of this subsection.

(4) Despite subsection (1), if by force of a Commonwealth Act (other than the
new Corporations Act) referred to in sections 1393 to 1396 of the new
Corporations Act a person becomes liable to pay an amount that is the same,
and is in respect of the same matter, as an amount (the pre-commencement
amount) that was payable by the person before the relevant time under a
provision of the old corporations legislation, the person's liability to pay
the pre-commencement amount is cancelled at the relevant time and ceases at
that time to be a liability under a law of the State.

(5) In subsection (2) pre-commencement right or liability means a right or
liability, whether civil or criminal, other than a right or liability under an
order made by a court before the relevant time or a liability referred to in
section 1397(4) of the new Corporations Act, that-

   (a)  was acquired, accrued or incurred under-

   (i)  a carried over provision of the old corporations legislation or the
        old ASIC legislation; or

   (ii) a provision of the old corporations legislation or the old ASIC
        legislation that was no longer in force immediately before the
        relevant time; and

   (b)  was in existence immediately before the relevant time.

(6) Nothing in this Act revives the co-operative scheme laws or otherwise
affects the superseding of those laws by the national scheme laws of this
jurisdiction as provided by Division 2 of Part 13 of the old application Act
and any regulations made under section 80 of that Act for the purposes of that
Division.