Victorian Current Acts Victorian Current Acts(1) Except as otherwise provided by this Act or the Commonwealth Transitional Provisions Act, on and from the Commonwealth commencement the old Code ceases to apply to a contract or instrument that was made before that commencement that is a contract or instrument to which the National Credit Code applies by the operation of item 3 of Schedule 1 to the Commonwealth Transitional Provisions Act.
(2) On and from the Commonwealth commencement, the old Code ceases to apply to any right or liability in respect of which a person has acquired, accrued or incurred a substitute right or liability by the operation of item 11 or 12 of Schedule 1 to the Commonwealth Transitional Provisions Act.