legislation (1) Subject to subsection (5), a reference in the
new corporations legislation to the taking of a proceeding, or a step in a
proceeding, in a court under or in relation to a part or provision of the new
corporations legislation includes a reference to the taking of a proceeding,
or the equivalent step in a proceeding:
- (a)
- before the commencement under or
in relation to the corresponding part or provision of the
old corporations legislation of a State or Territory; or
- (b)
- after the commencement under or in relation to the corresponding part or
provision of the old corporations legislation of a State or Territory in this
jurisdiction, as that legislation continues to have effect after the
commencement.
(2) Subject to subsections (3), (4) and (5), a reference in the new
corporations legislation to an order made by a court under or in relation to a
part or provision of the new corporations legislation includes a reference to
an order made:
- (a)
- before the commencement under or in relation to the
corresponding part or provision of the old corporations legislation of a State
or Territory; or
- (b)
- after the commencement under or in relation to the corresponding part or
provision of the old corporations legislation of a State or Territory in this
jurisdiction, as that legislation continues to have effect after the
commencement.
(3) Nothing in subsection (2) is taken to produce a result that would:
- (a)
- make a person liable, under the new corporations legislation, to any
penalty (whether civil or criminal) provided for in an order referred to in
paragraph (2)(a) or (b); or
- (b)
- enable an enforcement proceeding, or an appeal or review proceeding, in
relation to such an order to be taken in a court under the new corporations
legislation; or
- (c)
- enable proceedings by way of appeal, or other review, of such an order to
be taken in a court under the new corporations legislation.
(4) If, after the commencement, an order referred to in paragraph (2)(a)
or (b) is varied or set aside on appeal or review, subsection (2)
applies, or is taken to have applied, from the time from which the variation
or setting aside takes or took effect, as if:
- (a)
- if the order is
variedthe order had been made as so varied; or
- (b)
- if the order is set asidethe order had not been made.
(5) The regulations may provide that subsection (1) or (2) does not apply
in relation to a particular reference or class of references in the new
corporations legislation.