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CORPORATIONS ACT 2001 - SECT 1395

Transitional provisions relating to National Guarantee Fund levies

             (1)  If:

                     (a)  either:

                              (i)  before the commencement, a person paid an amount as required by section 938 of the old Corporations Law of a State or Territory in respect of a particular transaction; or

                             (ii)  after the commencement, a person pays an amount of levy imposed by subsection 6(1) of the Corporations (National Guarantee Fund Levies) Act 2001 in respect of a particular transaction; and

                     (b)  a levy is also payable under section 938 of this Act in respect of the same transaction;

the payment they made or make as mentioned in subparagraph (a)(i) or (ii) is taken to satisfy their liability to pay the levy referred to in paragraph (b).

             (2)  Subject to subsection (3), a determination of a matter (other than a rate or rates, or an amount) in force immediately before the commencement for the purposes of section 938, 940 or 941 of the old Corporations Law of a State or Territory in this jurisdiction continues to have effect (and may be dealt with) after the commencement of this Act as if it were:

                     (a)  in the case of a determination for the purposes of section 938--a determination for the purposes of section 938 of this Act; or

                     (b)  in the case of a determination for the purposes of section 940--a determination for the purposes of section 940 of this Act; or

                     (c)  in the case of a determination for the purposes of section 941--a determination for the purposes of section 941 of this Act.

             (3)  Nothing in subsection (2) is taken to produce a result that a levy is payable by a person in respect of the same matter in respect of which levy is imposed on the person by subsection 6(1), (2) or (3) of the Corporations (National Guarantee Fund Levies) Act 2001 .



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