(1) This section applies to a proceeding, other than a federal corporations proceeding, in relation to which the following paragraphs are satisfied:

(a)

the proceeding was started in a court before the commencement; and

(b)

the proceeding was:

(i)

under a provision of the old corporations legislation of a State or Territory in this jurisdiction; or

(ii)

brought as, or connected with, a prosecution for an offence against a provision of the old corporations legislation of a State or Territory in this jurisdiction; and

(c)

the proceeding was not an enforcement proceeding, or an appeal or review proceeding, in relation to an order of a court; and

(d)

the proceeding had not been concluded or terminated before the commencement; and

(e)

either:

(i)

if the proceeding is a primary proceeding—no final determination of any of the existing rights or liabilities at issue in the proceeding had been made before the commencement; or

(ii)

if the proceeding is an interlocutory proceeding—this section applies to the primary proceeding to which the interlocutory proceeding relates.

(2) In this section:

(a)

the proceeding to which this section applies is called the old proceeding ; and

(b)

the provision of the old corporations legislation referred to in whichever of subparagraphs (1)(b)(i) and (ii) applies is called the relevant old provision .

(3) A proceeding (the new proceeding ) equivalent to the old proceeding is, on the commencement, taken to have been brought in the same court, exercising federal jurisdiction:

(a)

if subparagraph (1)(b)(i) applies—under the provision of the new corporations legislation that corresponds to the relevant old provision; or

(b)

if subparagraph (1)(b)(ii) applies—as, or connected with, a prosecution for an offence against the provision of the new corporations legislation that corresponds to the relevant old provision.