Section 1394 — Corporations Act 2001: Transitional provisions relating to securities exchange fidelity fund levies

(1) If: (a) before the commencement, a person paid an amount as required by subsection 902(1) of the old Corporations Law of a State or Territory in order to be admitted to: (i) membership of a securities exchange; or (ii) membership of a partnership in a member firm recognised by a securities exchange; and (b) that person had not been so admitted by the commencement of this Act; the payment they made before the commencement is taken to satisfy their liability to pay the levy referred to in subsection 902(1) of this Act in respect of their admission after the commencement to that securities exchange or firm. (2) If: (a) either: (i) before the commencement, a person paid an amount as required by subsection 902(2) of the old Corporations Law of a State or Territory to a securities exchange in respect of a year some or all of which occurs after the commencement of this Act; or (ii) after the commencement, a person pays an amount as required by subsection 8(3) of the Corporations (Securities Exchanges Levies) Act 2001 in respect of a year some or all of which occurs after the commencement of this Act; and (b) a levy is also payable under subsection 902(2) of this Act in respect of the securities exchange and the year; the payment they made or make as mentioned in subparagraph (a)(i) or (ii) is taken to satisfy their liability to pay the levy referred to in paragraph (b). (3) If, before the commencement, a person paid an amount to a securities exchange as required by subsection 902(2) of the old Corporations Law of a State or Territory, that payment is to be counted, for the purposes of: (a) the reference in paragraph (a) of the definition of relevant person in subsection 903(1) of this Act; and (b) subsection 903(5) of this Act; as if it were a payment of a kind referred to in that paragraph or that subsection, as the case requires.