Document ID: chunk:federal_register_of_legislation:C2008A00159:clause:1_45
Version: federal_register_of_legislation:C2008A00159
Segment Type: clause
Provision Reference: sch 1 cl 45
Character Range: 55124–57317

45  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) is a standard business sponsor; or
 (b) is an approved sponsor, other than an approved professional development sponsor.

(2) The new law applies to the person, on and after the day on which this Schedule commences, as if the person were approved as a sponsor under section 140E of the new law in relation to the class prescribed by the regulations for standard business sponsors.

(3) The terms specified in the person's approval as a sponsor under section 140G of the old law continue to apply, on and after the day on which this Schedule commences, to the person.

(4) A term of a kind specified in the person's approval as a sponsor under section 140G of the old law may be prescribed by the regulations for the purposes of paragraph 140GA(2)(a) of the new law.

Note: This means that the term may be varied under section 140GA of the new law.

(5) If the person had made an undertaking under section 140H of the old law, then, 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.

(6) 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.

(7) To avoid doubt, the new law applies:
 (a) in the case of a partnership—in respect of a partner even if the partner has not made an election under section 140Z of the old law in relation to a sponsorship obligation; and
 (b) in the case of an unincorporated association—in respect of a member of the committee of management of the association even if the member has not made an election under section 140ZE of the old law in relation to a sponsorship obligation.