14Preservation of significance etc. of events or circumstances

14 Preservation of significance etc. of events or circumstances (1) An event, circumstance or other thing: (a) that occurred or arose before commencement under or as mentioned in a provision of the old Credit Code of a referring State or a Territory; and (b) that had a particular significance, status or effect for the purposes of a carried over provision of that Code (including because of an interpretive provision); has that same significance, status and effect after commencement for the purposes of the provision of the new Credit Code that corresponds to that carried over provision. (2) Without limiting subitem (1), an event, circumstance or other thing had a particular significance for the purposes of a carried over provision of the old Credit Code of a referring State or a Territory if: (a) the carried over provision created an obligation in relation to the event, circumstance or thing (whenever it arose); or (b) the carried over provision provided for the event, circumstance or thing to be dealt with in a particular way; or (c) the carried over provision stated that the event, circumstance or thing (whenever it arose) was to be disregarded for the purposes of that provision or was not covered by that provision. 15 References in the new Credit Code generally include references to events, circumstances or things that happened or arose before commencement (1) A reference in the new Credit Code to an event, circumstance or thing of a particular kind that happens or arises, or that has happened or arisen, is taken to include a reference to an event, circumstance or thing of that kind that happened or arose at a time before commencement, unless a contrary intention is expressed. (2) The fact that the provision uses only the present tense in referring to an event, circumstance or thing is not, of itself, to be regarded as an expression of a contrary intention. (3) Nothing in subitem (1) is taken to produce a result that a right or liability exists under a provision of the new Credit Code that relates solely to events, circumstances or things that occurred before commencement. Note: Instead, an equivalent right or liability will be created by item 11 or 12. (4) Despite subitem (1), the regulations may provide that subitem (1) does not apply in relation to a particular reference or class of references in the new Credit Code.