(1) For section 1444 of the Act, this regulation applies to a purpose in relation to a payment to be made out of a development account if:
(a) the purpose was approved under subsection 945(3) of the old Corporations Act; and
(b) the approval was in force immediately before the FSR commencement.
(2) The purpose is taken to be an approved purpose for subregulation 7.5.88(1).
(3) If the purpose approved under subsection 945(3) of the old Corporations Act included conditions relating to the payment to which the approval related, the conditions are taken to be conditions determined under subregulation 7.5.88(3).