Preserving old Act exemptions for Division 10
68 Preserving old Act exemptions for Division 10
An instrument:
that was in force under subsection 59A(1) of the old Act immediately before commencement; and
that wholly or partly exempted a transitional corporation from the reporting requirements of section 59 of the old Act for the period that is the item 53 period applicable to the corporation;
is taken to exempt the transitional corporation from the requirements of Division 10 of this Part in a corresponding way to the way it exempted the corporation from the requirements of section 59 of the old Act for the item 53 period.
Despite the repeal of the old Act, subsections 59A(2) and (3) of the old Act continue to apply in relation to the requirements (if any) imposed on a transitional corporation in an instrument covered by subitem (1), as if that repeal had not happened.
Division 13-Enforcement
This Act’s bill:Explanatory memorandumSecond reading speech
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