196 Existing law on securities, borrowing, guarantees, indemnities, and derivative transactions continues to apply until 1 April 2005

(1)

This section applies to the period between the date on which this section comes into force and the start of 1 April 2005 (which is the date on which the new rules in sections 160 to 164 relating to securities, borrowing, guarantees, indemnities, and derivative transactions apply) (the transitional period).

(2)

The rules relating to securities, borrowing, guarantees, indemnities, and derivative transactions that would have applied if this Act and the Public Finance Amendment Act 2004 had not been enacted continue to apply during the transitional period.

(3)

Therefore, for example, the Crown entity must comply, during the transitional period, with the rules relating to those things that were in the Public Finance Act 1989 or the entity’s Act, as the case may be, immediately before the commencement of this section.