State or Territory law to be an excluded matter (1) Subsection (2)
applies if a provision of a law of a State or Territory declares a matter to
be an excluded matter for the purposes of this section in relation to:
- (a)
- the whole of the Corporations legislation; or
- (b)
- a specified provision of the Corporations legislation; or
- (c)
- the Corporations legislation other than a specified provision; or
- (d)
- the Corporations legislation otherwise than to a specified extent.
(2) By force of this subsection:
- (a)
- none of the provisions of the
Corporations legislation (other than this section) applies in the State or
Territory in relation to the matter if the declaration is one to which
paragraph (1)(a) applies; and
- (b)
- the specified provision of the Corporations legislation does not apply in
the State or Territory in relation to the matter if the declaration is one to
which paragraph (1)(b) applies; and
- (c)
- the provisions of the Corporations legislation (other than this section
and the specified provisions) do not apply in the State or Territory in
relation to the matter if the declaration is one to which
paragraph (1)(c) applies; and
- (d)
- the provisions of the Corporations legislation (other than this section
and otherwise than to the specified extent) do not apply in the State or
Territory in relation to the matter if the declaration is one to which
paragraph (1)(d) applies.
(3) Subsection (2) does not apply to the declaration to the extent to
which the regulations provide that that subsection does not apply to that
declaration.
(4) By force of this subsection, if:
- (a)
- the Corporations Law, ASC Law or
ASIC Law of a State or Territory; or
- (b)
- a provision of that Law;
did not apply to a matter immediately before this Act commenced because a
provision of a law of the State or Territory provided that that Law, or that
provision, did not apply to the matter, the Corporations legislation, or the
provision of the Corporations legislation that corresponds to that provision
of that Law, does not apply in the State or Territory to the matter until that
law of the State or Territory is omitted or repealed.
(5) Subsection (4) does not apply to the application of the provisions of
the Corporations legislation to the matter to the extent to which the
regulations provide that that subsection does not apply to the matter.
(6) In this section:
"matter" includes act, omission, body, person or thing.