27The *Corporations (Consequential Amendments) Act (No. 3) 2003* s. 2‑4 read as follows:

27 The *Corporations (Consequential Amendments) Act (No. 3) 2003* s. 2‑4 read as follows: “ 2. Commencement (1) If this Act receives the Royal Assent before the day on which Schedule 1 to the Financial Services Reform Act comes into operation, this Act comes into operation at the same time as that Schedule comes into operation. (2) If this Act receives the Royal Assent on or after the day on which Schedule 1 to the Financial Services Reform Act comes into operation, this Act is deemed to have come into operation at the same time as that Schedule comes into operation. 3. Interpretation **“Financial Services Reform Act”** means the *Financial Services Reform Act 2001* of the Commonwealth; **“FSR commencement time”** means the time when Schedule 1 to the Financial Services Reform Act comes into operation; **“statutory rule”** means a regulation, rule or by‑law. 4. Validation (1) This section applies if this Act comes into operation under section 2(2). (2) Anything done or omitted to have been done after the FSR commencement time and before this Act receives the Royal Assent that could have been done if this Act had received the Royal Assent before the FSR commencement time is taken to be as valid and lawful, and to always have been as valid and lawful, as it would have been if this Act had received the Royal Assent before the FSR commencement time. (3) Anything done or omitted to have been done by a person after the FSR commencement time and before this Act received the Royal Assent that would have been valid and lawful if the Financial Services Reform Act had not commenced, is taken to be valid and lawful. (4) Anything done or omitted to have been done after the FSR commencement time and before this Act receives the Royal Assent — (a) that could only have been validly and lawfully done or omitted because this Act received the Royal Assent after the FSR commencement time; and (b) that could not have been validly and lawfully done or omitted if this Act had received the Royal Assent before the FSR commencement time, is taken not to be valid, and to never have been valid. ”.