Document ID: chunk:federal_register_of_legislation:C2010C00237:clause:3_51
Version: federal_register_of_legislation:C2010C00237
Segment Type: clause
Provision Reference: sch 3 cl 51
Character Range: 59836–60769

51  Record keeping requirements

(1) Despite item 6, subsection 322‑10(1) does not apply to records about:
 (a) a transaction of a transitional corporation; or
 (b) a matter relating to a transitional corporation's financial position and performance;
if the transaction or matter happened before commencement.

Note: Obligations and liabilities that arose under subsection 59(1) and paragraph 59(5)(b) of the old Act, and exemptions under section 59A of the old Act, are not affected by the repeal of that Act (see section 8 of the Acts Interpretation Act 1901).

(2) Without limiting item 6, the financial records that a transitional corporation is required to keep under Division 322 of the new Act are taken to include the accounts, records and reports:
 (a) kept by the corporation in accordance with subsection 59(1) or paragraph 59(5)(b) of the old Act; and
 (b) accessible by the corporation immediately before commencement.