corporations legislationfederal corporations proceedings (1) This
section applies to a proceeding in relation to which the following paragraphs
are satisfied:
- (a)
- the proceeding was started in a court before the
commencement; and
- (b)
- the proceeding was a federal corporations proceeding that related to a
matter to which a provision of the old corporations legislation of a State or
Territory in this jurisdiction applied; and
- (c)
- the proceeding had not been concluded or terminated before the
commencement.
(2) In this section:
- (a)
- the proceeding to which this section applies is
called the continued proceeding ; and
- (b)
- the provision of the old corporations legislation referred to in
paragraph (1)(b) is called the relevant old provision .
(3) Subject to subsection (4):
- (a)
- the continued proceeding continues
after the commencement in the same court as if it were, and always had been, a
proceeding in relation to a matter to which the provision of the
new corporations legislation that corresponds to the relevant old provision
applies; and
- (b)
- to the extent that the proceeding, before the commencement, related to
pre-commencement rights or liabilities, the proceeding, as continued, relates,
and as so continuing is taken always to have related, to the substituted
rights and liabilities in relation to those pre-commencement rights or
liabilities
- Note 1: See sections 1400 and 1401 for the creation of substituted rights
and liabilities.
Note 2: In all cases, there will be a provision of the new corporations
legislation that corresponds to the relevant old provision, either because:
(a) the new corporations legislation actually contains a provision that
corresponds to the relevant old provision; or (b) the
new corporations legislation, because of section 1401 or 1408, is taken
to include the relevant old provision (whether with or without modifications),
in which case the provision so taken to be included will be the corresponding
provision.
(4) Subject to any order to the contrary made by the court,
the court must deal with the continued proceeding as if:
- (a)
- the steps that
had been taken for the purposes of the proceeding before the commencement had
been taken for the purpose of the proceeding as continued by this section; and
- (b)
- any orders made in relation to the proceeding before the commencement had
been made in relation to the proceeding as continued by this section.