Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 342

  (1)   This section applies to the amendments of this Act made by Schedule   2 (the amending Schedule ) to the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 , except item   58 of that Schedule.

  (2)   The amendments:

  (a)   apply in relation to a contract made at or after the commencement (the relevant commencement ) of the amending Schedule; and

  (b)   do not apply to a contract (an existing contract ) made before the relevant commencement, except as provided in this section.

  (3)   If an existing contract is renewed at or after the relevant commencement, the amendments apply to the contract as renewed, on and from the day (the renewal day ) on which the renewal takes effect, in relation to conduct that occurs on or after the renewal day.

  (4)   If an existing contract is varied at or after the relevant commencement by varying or adding a term and subsection   (3) has not already applied in relation to the contract:

  (a)   the amendments apply to the term as varied or added, and so apply:

  (i)   on and from the day (the variation day ) on which the variation of the contract takes effect; and

  (ii)   as if the contract as varied had been made on the variation day; and

  (iii)   in relation to conduct that occurs on and after the variation day; and

  (b)   paragraph   12BF(2A)(f) applies in relation to a person proposing the varied or added term, whether before, at or after the relevant commencement; and

  (c)   subsection   12BF(2), and section   12BK, as in force at and after the relevant commencement, apply to the contract.

  (5)   If a contract is made or renewed at or after the relevant commencement, paragraph   12BF(2A)(f) applies in relation to a person proposing a term of the contract, whether before, at or after the relevant commencement.

  (6)   Despite subsections   (3) to (5) of this section, the amendments do not apply to a contract, or a term of a contract, to the extent that the operation of the amendments would result in an acquisition of property (within the meaning of paragraph   51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).