Credit (Commonwealth Powers) Act 2010

If the amendment reference is terminated but the adoption of the relevant version of the National Credit legislation is not terminated, the termination of the amendment reference does not affect —

laws that were made under the amendment reference (but not repealed) before that termination (whether or not they have come into operation before that termination); or

the continued operation in the State of the National Credit legislation as in operation immediately before that termination or as subsequently amended or affected by —

laws referred to in paragraph (a) that come into operation after that termination; or

provisions referred to in section 9(b) or (c).

Accordingly, the amendment reference continues to have effect for the purposes of subsection (1) unless the adoption is terminated.

Subsection (1) does not apply to or in relation to an amendment of the National Credit legislation that is excluded from the operation of this section by the proclamation that terminates the amendment reference.

For the purposes of subsection (1) —

the laws referred to in subsection (1)(a) include Commonwealth Credit instruments; and

the reference in subsection (1)(b) to the National Credit legislation as in operation immediately before the termination of the amendment reference includes that legislation as affected by Commonwealth Credit instruments that have come into operation before that time.