After section 118 of the Principal Act , the following section is inserted in Division 5:

118A.     Meaning of "fiduciary default"

(1)  In this section –

amendment day means 16 July 2001, being the day of commencement of the Extension Act;

Extension Act means the Legal Profession Amendment Act (No. 2) 2001 .

(2)  In its application to this Division, paragraph (c) of the definition of  fiduciary default in section 3 is taken to include a breach of duty of the kind referred to in the paragraph that occurred before the amendment day, but only in respect of a loss of money or property suffered after 1 July 1995.

(3)  Without limiting the generality of subsection (2) , a loss of money or property is taken to have been suffered after 1 July 1995 if, irrespective of when it actually occurred, the person who suffered the loss was not aware of it, and could not reasonably have been aware of it, until after that date.

(4)  This section has effect notwithstanding section 2 of the Extension Act.