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CORPORATIONS REGULATIONS 2001 2001 No. 193 - REG 12.1.03
Interpretation of applied provisions
- (1)
- Subregulation (2) applies to a provision of the following instruments:
- (a)
- a previous governing Code that is applied by or under a provision of this
Chapter;
- (b)
- an instrument made under a Code mentioned in paragraph (a) that is applied
by or under this Chapter;
- (c)
- an ASIC transitional standard within the meaning of Part 12.7 or an
instrument made under a provision of the standard.
- (2)
- This subregulation applies if there is a reference in the provision to any
of the following:
- (a)
- a word or expression that is defined in the Act or
these Regulations;
- (b)
- a power exercised by AFIC or an SSA;
- (c)
- a class of body;
- (d)
- the rules of a body;
- (e)
- the accounts, or group accounts, of a body;
- (f)
- a previous governing Code or a provision of the Code;
- (g)
- an ASIC transitional standard within the meaning of Part 12.7 or a
provision of the standard;
- (h)
- an APRA transitional prudential standard or a provision of the standard;
- (i)
- an instrument made under a Code, an ASIC transitional standard, an APRA
transitional prudential standard or a provision of the instrument.
- (3)
- A word or expression that is defined in the Act or these regulations
applies to each use of the word or expression unless the contrary intention
appears.
- (4)
- A reference to a power exercised by AFIC or an SSA is to be read as if it
were a reference to an equivalent power exercised by ASIC under the Act, these
regulations, another Commonwealth law or an ASIC transitional standard.
- (5)
- A reference to a class of body is to be read as if it were the comparable
class of company after the transition date.
- (6)
- A reference to the rules of a body is to be read as if it were a reference
to the constitution of the body.
- (7)
- A reference to accounts, or group accounts, of a body is to be read as if
it were a reference to a financial report, or consolidated financial
statements, of the body.
- (8)
- A reference to any matter mentioned in subregulation (2) is to be read in
a way that:
- (a)
- is consistent with, and promotes, the transition from the
application of a previous governing Code to a transferring financial
institution of a State or Territory to the application to the institution of
the Act and these regulations; and
- (b)
- is consistent with the duties, functions and powers of ASIC or an SSA; and
- (c)
- does not alter the interpretation or operation of the instrument in which
the reference appears.
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