Document ID: chunk:federal_register_of_legislation:C2008A00159:clause:1_46
Version: federal_register_of_legislation:C2008A00159
Segment Type: clause
Provision Reference: sch 1 cl 46
Character Range: 57317–58636

46  Certain former standard business sponsors to satisfy sponsorship obligations from commencement

(1) This item applies in respect of a person who, immediately before this Schedule commences:
 (a) was both a standard business sponsor and an approved sponsor (other than an approved professional development sponsor); and
 (b) remained bound by an undertaking made under section 140H of the old law that was enforceable under section 140Q of the old law.

(2) The new law applies to the person, on and after the day on which this Schedule commences, as if the person were a former approved sponsor under the new law in relation to the class prescribed by the regulations for standard business sponsors.

(3) On and after the day on which this Schedule commences:
 (a) the undertaking ceases to have effect; and
 (b) the person must satisfy any applicable sponsorship obligation prescribed by the regulations under section 140H of the new law.

(4) However, if, before the day on which this Schedule commences, the person breaches an undertaking made under section 140H of the old law, then section 140M of the new law applies as if regulations made under sections 140J and 140K of the old law (and as in force immediately before this Schedule commences) were regulations prescribed under section 140L of the new law.