766JThe Exchange’s functions and powers

#### 766J The Exchange’s functions and powers (1) In addition to the legal capacity and powers it has because of section 124, the Exchange has such functions and powers as are conferred, or expressed to be conferred, on it by this Act. (2) Section 125 does not apply in relation to a function or power conferred, or expressed to be conferred, as mentioned in subsection (1) of this section. (3) The Exchange is to perform the functions, and may exercise the powers, that are conferred on it by or under this Act. 14 Subsection 1372(4) Repeal the subsection, substitute: (4) In this section: > State validation Act means an Act of a State in this jurisdiction under which certain administrative actions (within the meaning of that Act) taken, or purportedly taken, at or before the commencement by Commonwealth authorities or officers of the Commonwealth (within the meaning of that Act) pursuant to functions or powers (the relevant functions or powers) conferred, or purportedly conferred, by or under laws that include the old application Act for that State have, and are deemed always to have had, the same force and effect for all purposes as they would have had if: (a) they had been taken, or purportedly taken by a State authority or officer of the State (within the meaning of that Act); and (b) the relevant functions or powers had been duly conferred on those authorities or officers. 15 Subsection 1382(1) (after paragraph (b) of the definition of federal corporations proceeding) Insert: (ba) a proceeding that relates to a matter to which a provision of the Corporations Act 1989 applied (other than a proceeding that relates to a matter to which a provision of the Corporations Law of the Australian Capital Territory applied); (bb) a proceeding in relation to a matter to which a provision of the old corporations legislation of a State or Territory in this jurisdiction applied: (i) in which the Commonwealth was seeking an injunction or a declaration; or (ii) to which the Commonwealth, or a person suing or being sued on behalf of the Commonwealth, was a party; (bc) any other proceeding in relation to a matter to which a provision of the old corporations legislation of a State in this jurisdiction applied that was in the exercise of federal jurisdiction; (bd) any other proceeding in relation to a matter to which a provision of the old corporations legislation of a Territory in this jurisdiction applied that would be covered by paragraph (bc) if the Territory had been a State; 16 After section 1384 Insert: