Enforcement under Part 10‑3 of the new Act
69 Enforcement under Part 10‑3 of the new Act
Section 450‑1 of the new Act applies in relation to a transitional corporation as if:
the reference in paragraph (a) of that section to the new Act included a reference to this Schedule; and
the reference in paragraph (b) of that section to the new Act included a reference to the old Act, the corporation's Rules and this Schedule; and
the reference in subparagraph (c)(i) of that section to the new Act included a reference to this Schedule.
This subitem will not extend to an obligation under the old Act that is covered by an exemption under that Act.
The operation of section 450‑1 of the new Act is also extended by item 6. That item, for example, treats the reference in subparagraph 450‑1(c)(i) of the new Act to a contravention of the new Act as including a reference to a contravention of the old Act (see item 6 and paragraph (2)(g) of item 1).
Section 453‑1 of the new Act applies in relation to a transitional corporation as if the reference in paragraph (1)(a) of that section to the new Act included a reference to this Schedule.
This subitem will not extend to an obligation under the old Act that is covered by an exemption under that Act.
The operation of section 453‑1 of the new Act is also extended by item 6. That item, treats the reference in paragraph 453‑1(1)(a) of the new Act to a failure to comply with a provision of the new Act as including a reference to a failure to comply with a provision of the old Act (see paragraph (3)(g) of item 6). It also treats the reference in that paragraph to a failure to comply with a provision of the corporation's constitution as including a failure to comply with a provision of the corporation's Rules (see item 6 and paragraph (2)(f) of item 1).
Without limiting item 4 or 6:
section 453‑1 of the new Act extends to a transitional corporation's books created before commencement; and
section 453‑5 of the new Act extends to a transitional corporation's examinable affairs existing before commencement.
Subitems (1) and (2) do not limit item 6.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.