sec.8Effect of section 7

sec.8 Effect of section 7

To the extent that a national scheme law of this jurisdiction ceases to operate of its own force because of section 7, the effect is that which would have resulted had this Act and that law been Commonwealth Acts in relation to which the Acts Interpretation Act 1901 (Cwlth) as in force on 1 November 2000 applied. Part III of the Acts Interpretation Act 1901 (Cwlth) contains provisions dealing with the effect of repeal of an Act. These provisions protect accrued rights and liabilities and allow legal proceedings in respect of them to be commenced or continued. However, this section and section 10 have the effect of cancelling certain rights and liabilities and terminating certain legal proceedings. Despite subsection (1), if by force of chapter 10 of the new Corporations Act or part 16 of the new ASIC Act a person acquires, accrues or incurs a right or liability in substitution for a pre-commencement right or liability, the pre-commencement right or liability is cancelled at the relevant time and ceases at that time to be a right or liability under a law of the State. Despite subsection (1), a proceeding in a court that— was started before the relevant time; and was— under a provision of the old corporations legislation or the old ASIC legislation; or brought as, or connected with, a prosecution for an offence against a provision of the old corporations legislation or the old ASIC legislation; and was a proceeding to which section 1383 of the new Corporations Act or section 267 of the new ASIC Act applies at the relevant time; and had not been concluded or terminated before the relevant time; is terminated at the relevant time by force of this subsection. Despite subsection (1), if by force of a Commonwealth Act (other than the new Corporations Act ) referred to in sections 1393 to 1396 of the new Corporations Act a person becomes liable to pay an amount that is the same, and is in respect of the same matter, as an amount (the pre-commencement amount ) that was payable by the person before the relevant time under a provision of the old corporations legislation, the person’s liability to pay the pre-commencement amount is cancelled at the relevant time and ceases at that time to be a liability under a law of the State. In subsection (2)— pre-commencement right or liability means a right or liability, whether civil or criminal, other than a right or liability under an order made by a court before the relevant time or a liability referred to in section 1397 (4) of the new Corporations Act , that— was acquired, accrued or incurred under— a carried over provision of the old corporations legislation or the old ASIC legislation; or a provision of the old corporations legislation or the old ASIC legislation that was no longer in force immediately before the relevant time; and was in existence immediately before the relevant time. Nothing in this Act revives the cooperative scheme law or otherwise affects the superseding of those laws by the national scheme laws of this jurisdiction as provided by division 2 of part 13 of the old application Act and any regulations made under section 80 of that Act for the purposes of that division. (sec.8-ssec.1) To the extent that a national scheme law of this jurisdiction ceases to operate of its own force because of section 7, the effect is that which would have resulted had this Act and that law been Commonwealth Acts in relation to which the Acts Interpretation Act 1901 (Cwlth) as in force on 1 November 2000 applied. Part III of the Acts Interpretation Act 1901 (Cwlth) contains provisions dealing with the effect of repeal of an Act. These provisions protect accrued rights and liabilities and allow legal proceedings in respect of them to be commenced or continued. However, this section and section 10 have the effect of cancelling certain rights and liabilities and terminating certain legal proceedings. (sec.8-ssec.2) Despite subsection (1), if by force of chapter 10 of the new Corporations Act or part 16 of the new ASIC Act a person acquires, accrues or incurs a right or liability in substitution for a pre-commencement right or liability, the pre-commencement right or liability is cancelled at the relevant time and ceases at that time to be a right or liability under a law of the State. (sec.8-ssec.3) Despite subsection (1), a proceeding in a court that— was started before the relevant time; and was— under a provision of the old corporations legislation or the old ASIC legislation; or brought as, or connected with, a prosecution for an offence against a provision of the old corporations legislation or the old ASIC legislation; and was a proceeding to which section 1383 of the new Corporations Act or section 267 of the new ASIC Act applies at the relevant time; and had not been concluded or terminated before the relevant time; is terminated at the relevant time by force of this subsection. (sec.8-ssec.4) Despite subsection (1), if by force of a Commonwealth Act (other than the new Corporations Act ) referred to in sections 1393 to 1396 of the new Corporations Act a person becomes liable to pay an amount that is the same, and is in respect of the same matter, as an amount (the pre-commencement amount ) that was payable by the person before the relevant time under a provision of the old corporations legislation, the person’s liability to pay the pre-commencement amount is cancelled at the relevant time and ceases at that time to be a liability under a law of the State. (sec.8-ssec.5) In subsection (2)— pre-commencement right or liability means a right or liability, whether civil or criminal, other than a right or liability under an order made by a court before the relevant time or a liability referred to in section 1397 (4) of the new Corporations Act , that— was acquired, accrued or incurred under— a carried over provision of the old corporations legislation or the old ASIC legislation; or a provision of the old corporations legislation or the old ASIC legislation that was no longer in force immediately before the relevant time; and was in existence immediately before the relevant time. (sec.8-ssec.6) Nothing in this Act revives the cooperative scheme law or otherwise affects the superseding of those laws by the national scheme laws of this jurisdiction as provided by division 2 of part 13 of the old application Act and any regulations made under section 80 of that Act for the purposes of that division.