Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 12.1.03

Interpretation of applied provisions

             (1)  Subregulation (2) applies to a provision of the following instruments:

                     (a)  a previous governing Code that is applied by or under a provision of this Chapter;

                     (b)  an instrument made under a Code mentioned in paragraph (a) that is applied by or under this Chapter;

                     (c)  an ASIC transitional standard within the meaning of Part 12.7 or an instrument made under a provision of the standard.

             (2)  This subregulation applies if there is a reference in the provision to any of the following:

                     (a)  a word or expression that is defined in the Act or these Regulations;

                     (b)  a power exercised by AFIC or an SSA;

                     (c)  a class of body;

                     (d)  the rules of a body;

                     (e)  the accounts, or group accounts, of a body;

                      (f)  a previous governing Code or a provision of the Code;

                     (g)  an ASIC transitional standard within the meaning of Part 12.7 or a provision of the standard;

                     (h)  an APRA transitional prudential standard or a provision of the standard;

                      (i)  an instrument made under a Code, an ASIC transitional standard, an APRA transitional prudential standard or a provision of the instrument.

             (3)  A word or expression that is defined in the Act or these regulations applies to each use of the word or expression unless the contrary intention appears.

             (4)  A reference to a power exercised by AFIC or an SSA is to be read as if it were a reference to an equivalent power exercised by ASIC under the Act, these regulations, another Commonwealth law or an ASIC transitional standard.

             (5)  A reference to a class of body is to be read as if it were the comparable class of company after the transition date.

             (6)  A reference to the rules of a body is to be read as if it were a reference to the constitution of the body.

             (7)  A reference to accounts, or group accounts, of a body is to be read as if it were a reference to a financial report, or consolidated financial statements, of the body.

             (8)  A reference to any matter mentioned in subregulation (2) is to be read in a way that:

                     (a)  is consistent with, and promotes, the transition from the application of a previous governing Code to a transferring financial institution of a State or Territory to the application to the institution of the Act and these regulations; and

                     (b)  is consistent with the duties, functions and powers of ASIC or an SSA; and

                     (c)  does not alter the interpretation or operation of the instrument in which the reference appears.



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