Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_1481
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 1481
Character Range: 507936–509087

1481  Debentures—application and transitional provisions

 (1) Paragraph 124(1)(b) of the new Law applies to all debentures or trust deeds regardless of whether they were issued or made before or after commencement.

 (2) Section 563AAA applies in relation to the issue of debentures regardless of whether that event occurs before or after commencement.

 (3) A provision in force immediately before the date of commencement of section 1062 of the old Law is not void under section 260JB of the new Law if a trustee who was entitled to the benefit of the provision before that date remains a trustee of the trust deed concerned.

 (4) Subsection 260JB(1) does not deprive a trustee of an exemption or right to be indemnified for anything done or omitted to be done by the trustee while a term or provision was in force even if that provision later becomes void under subsection 260JB(1).

 (5) On commencement, each of the provisions required by section 260FB is taken to be included in a trust deed that:
 (a) is required by section 260FA; and
 (b) is in effect immediately before commencement; and
 (c) would not otherwise include that provision.