(1) Subject to this part, a declaratory provision has effect in relation to a matter as follows:
(a) if the declaratory provision is one to which section 24 (1) (a) applies—the whole of the Corporations legislation applies to the matter as if it were a territory law;
(b) if the declaratory provision is one to which section 24 (1) (b) applies—the Act, regulation or other instrument specified by the declaratory provision applies to the matter as if it were a territory law;
(c) if the declaratory provision is one to which section 24 (1) (c) applies—the provision specified by the declaratory provision applies in relation to the matter as if it were a territory law.
(2) A provision applied to a matter by a declaratory provision, or taken by force of section 29 (1) (Implied application of regulations and other provisions of Corporations legislation) to apply to the matter, is applied as in force from time to time unless the declaratory provision applies it as in force at a particular time specified by the declaratory provision.