Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:1_2
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 22439–23619

2  Object of this Part
(1) The object of this Part is to provide for a smooth transition from the regime provided for in the old Credit Code of a referring State or a Territory to the regime provided for in the new Credit Code, so that natural persons, bodies corporate and other bodies are, to the greatest extent possible, put in the same position immediately after commencement as they would have been if:
 (a) that old Credit Code had, from time to time when it was in force, been valid Commonwealth legislation applying in that State or Territory; and
 (b) the new Credit Code (to the extent it contains provisions that correspond to provisions of the old Credit Code as in force immediately before commencement) were a continuation of that old Credit Code as so applying.
Note: The new Credit Code contains provisions that correspond to many of the provisions of the old Credit Code.
(2) In resolving any ambiguity as to the meaning of any of the other provisions of this Part, an interpretation that is consistent with the object of this Part is to be preferred to an interpretation that is not consistent with that object.

Division 1A—Application of the new Credit Code