Document ID: chunk:federal_register_of_legislation:C2021C00347:clause:2_1678d
Version: federal_register_of_legislation:C2021C00347
Segment Type: clause
Provision Reference: sch 2 cl 1678D
Character Range: 115106–116903

1678D  Transitional rules
 (1) ASIC may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) in relation to the following:
 (a) the amendments of this Act made by Division 1 of Part 1 of Schedule 2 to the Territories Legislation Amendment Act 2020;
 (b) the amendments of this and any other Act made by the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020;
 (c) if the Norfolk Island Companies Act is repealed—the repeal of that Act.
Note 1: The amendments mentioned in paragraph (a) included the insertion of this Part.
Note 2: The Norfolk Island Companies Act may be repealed by an amendment of the Norfolk Island Continued Laws Ordinance 2015.
 (2) Without limiting subsection (1), rules under that subsection may include:
 (a) rules providing for the Registrar under this Act to exercise powers, or perform functions, of ASIC under this Part; and
 (b) rules in relation to the registration of a particular corporation or corporations under Part 5B.1.
 (3) A rule of the kind mentioned in paragraph (2)(b) must specify a period, ending no later than the end of the day that is 2 years after the commencement day, during which it is to remain in force for the purposes of subsection 1678E(1).
 (4) To avoid doubt, the rules may not do the following:
 (a) create an offence or civil penalty;
 (b) provide powers of:
 (i) arrest or detention; or
 (ii) entry, search or seizure;
 (c) impose a tax;
 (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;
 (e) directly amend the text of this Act.
 (5) This section is repealed at the end of the first Monday after the period of 12 months beginning on the commencement day.