Document ID: chunk:federal_register_of_legislation:C2006C00150:section:5
Version: federal_register_of_legislation:C2006C00150
Segment Type: section
Provision Reference: s 5
Character Range: 17568–19786

5  Corresponding provision

 (1) For the purposes of this Act, a provision (the old provision) of the old ACT corporations legislation or the old ACT ASIC legislation corresponds to a provision (the new provision) of the new corporations legislation or the new ASIC legislation (and vice versa) if:
 (a) the old provision and the new provision are substantially the same, unless the regulations specify that the 2 provisions do not correspond; or
 (b) the regulations specify that the 2 provisions correspond.

 (2) For the purposes of paragraph (1)(a), differences of all or any of the following kinds are not sufficient to mean that 2 provisions are not substantially the same:
 (a) differences in the numbering of the provisions;
 (b) differences of a minor technical nature (for example, differences in punctuation, or differences that are attributable to the correction of incorrect cross references);
 (c) the fact that one of the provisions refers to a corresponding previous law and the other does not;
 (d) the fact that:
 (i) the old provision allowed a court to exercise powers on its own motion but the new provision does not; or
 (ii) the old provision required a court to apply a criterion of public interest but the new provision requires a court to apply a criterion of justice and equity; or
 (iii) the new provision requires ASIC to take account of public interest but the old provision did not;
 (e) other differences that are attributable to the fact that the new corporations legislation and the new ASIC legislation apply as Commonwealth laws in the States and the internal Territories;
 (f) other differences of a kind prescribed by the regulations for the purposes of this paragraph.

 (3) Subsection (2) is not intended to otherwise limit the circumstances in which 2 provisions are, for the purposes of paragraph (1)(a), substantially the same.

 (4) The regulations may provide that:
 (a) a specified provision of the old ACT corporations legislation does, or does not, correspond to a specified provision of the new corporations legislation; or
 (b) a specified provision of the old ACT ASIC legislation does, or does not, correspond to a specified provision of the new ASIC legislation.