(1) Subject to subsection (2), a reference in, or taken immediately before the commencement to be in, an instrument, other than:
(a) an Act of a State, the Australian Capital Territory, the Northern Territory or Norfolk Island; or
(b) an instrument made under such an Act;
(c) an Act, or to regulations or some other instrument, that is part of the old ASIC legislation (whether the reference is in general terms or in relation to the Commonwealth, or a particular State or Territory in this jurisdiction); or
(d) to a provision or group of provisions of such an Act, regulations or other instrument;
is taken, after the commencement, to include a reference to the corresponding part, provision or provisions of the new ASIC legislation (unless there is no such corresponding part, provision or provisions).
Note: In this Part, instrument means an instrument of a legislative or administrative character (see the definition in section 254), or any other document.
(2) The regulations may do either or both of the following:
(a) provide that subsection (1) does not apply in relation to prescribed references in prescribed instruments;
(b) provide that subsection (1) has effect in relation to prescribed references in prescribed instruments as if, in that subsection, the words "to be" were substituted for the words "to include".