Corporations Reform (Northern Territory) Act 2001

a person acquires, accrues or incurs a right or liability in substitution for a pre-commencement right or liability, the pre-commencement right or liability is cancelled at the relevant time.

(i) under a provision of the old corporations legislation or the old ASIC legislation; or

(ii) brought as, or connected with, a prosecution for an offence against a provision of the old corporations legislation or the old ASIC legislation;

(c) was a proceeding to which section 1383 of the new Corporations Act or section 267 of the new ASIC Act applies; and

is terminated at the relevant time.

(3) If, by force of a Commonwealth Act (other than the new Corporations Act) referred to in section 1393 to 1396 (inclusive) of the new Corporations Act, a person becomes liable to pay an amount that is the same as, and is in respect of the same matter as, an amount (pre-commencement amount) that was payable by the person before the relevant time under a provision of the old corporations legislation, the person's liability to pay the pre‑commencement amount is cancelled at the relevant time.

(4) This section has effect despite Part III of the Acts Interpretation Act 1901 (Cth) as in force on 1 November 2000.

(5) In this section, pre-commencement right or liability means a right or liability, whether civil or criminal, other than a right or liability under an order made by a court before the relevant time or a liability referred to in subsection 1397(4) of the new Corporations Act, that:

(i) a carried over provision of the old corporations legislation or the old ASIC legislation; or

(ii) a provision of the old corporations legislation or the old ASIC legislation that was no longer in force immediately before the relevant time; and