4Corresponding provision

4 Corresponding provision

4 Corresponding provision

(1) For the purposes of this Act, a provision (the old provision) of the old corporations legislation or the old ASIC legislation corresponds to a provision (the new provision) of the new corporations legislation or the new ASIC legislation (and vice versa) if:

(a) the old provision and the new provision are substantially the same, unless the regulations specify that the 2 provisions do not correspond, or

(b) the regulations specify that the 2 provisions correspond.

(2) For the purposes of this Act, a provision (the old provision) of a previous State corporations law corresponds to a provision (the new provision) of a national scheme law of this jurisdiction (and vice versa) if:

(a) the old provision and the new provision are substantially the same, unless the regulations specify that the 2 provisions do not correspond, or

(b) the regulations specify that the 2 provisions correspond.

(3) For the purposes of subsection (1) (a) or (2) (a), differences of all or any of the following kinds are not sufficient to mean that 2 provisions are not substantially the same:

(a) differences in the numbering of the provisions,

(b) differences of a minor technical nature (for example, differences in punctuation, or differences that are attributable to the correction of incorrect cross references),

(c) the fact that one of the provisions refers to a corresponding previous law and the other does not,

(d) for the purposes of subsection (1) (a), the fact that:

(i) the old provision allowed a court to exercise powers on its own motion but the new provision does not, or

(ii) the old provision required a court to apply a criterion of public interest but the new provision requires a court to apply a criterion of justice and equity, or

(iii) the new provision requires ASIC to take account of public interest but the old provision did not,

(e) for the purposes of subsection (1) (a), other differences that are attributable to the fact that the new corporations legislation and the new ASIC legislation apply as Commonwealth laws in this and other States and in the internal Territories,