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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 255

Relationship of Part with State validation Acts

(1) This Part applies to an invalid administrative action of a Commonwealth authority or an officer of the Commonwealth (within the meaning of a State validation Act) as if the circumstances that made the authority's or officer's action an invalid administrative action had not made the action invalid.

Note: For the status and effect of invalid administrative actions in relation to times before the commencement, see the State validation Acts.

(2) However, if there are other circumstances that affect or may affect the validity of the action, neither this section, nor anything else in this Part, is taken to negate the effect of those other circumstances. (3) If:

(a)
a person would have had a right or liability under a provision (the old provision ) of the old ASIC legislation of a State if the circumstances that made the authority's or officer's action an invalid administrative action (within the meaning of the State validation Act) of that State had not made the action invalid; and

(b)
the effect of that State validation Act in relation to that action is to declare that the person has, and is taken always to have had, the same rights and liabilities as they would have had under the old provision if the invalid administrative action had been taken, or purportedly taken, at the relevant time by a duly authorised State authority or officer of the State (within the meaning of that Act);

this Part applies as if:

(c)
a reference to a right or liability arising under the old ASIC legislation included a reference to the right or liability that the person is declared to have by the State validation Act; and

(d)
that right or liability arose under the old provision.

(4) In this section:

"State validation Act "means an Act of a State in this jurisdiction under which certain administrative actions (within the meaning of that Act) taken, or purportedly taken, before the commencement by Commonwealth authorities and officers of the Commonwealth (within the meaning of that Act) pursuant to functions or powers conferred, or purportedly conferred, by or under laws that include the old application Act for that State have, and are deemed always to have had, the same force and effect as they would have had if they had been taken, or purportedly taken, at the relevant time, by a duly authorised State authority or officer of the State (within the meaning of that Act).



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