(1) This regulation applies if:
(a) a person began to hold shares in a proprietary company as trustee for, or otherwise on behalf of or on account of, a body corporate before the FSR commencement; and
(b) the person did not serve on the proprietary company the notice required under subsection 1091C(11) of the old Corporations Act before the FSR commencement; and
(c) the 1 month period mentioned in that subsection had not expired before the FSR commencement.
(2) Section 1091C of the old Corporations Act, and any associated provisions, continue to apply to the extent necessary to allow for:
(a) the person to serve the notice within the 1 month period; and
(b) the consequences of not serving the notice within the period.