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Australian Securities and Investments Commission Bill 2001

Part 5 ASIC’s members

Division 1 Terms and conditions

108   Term of office as member

             (1)  Subject to this Act, a person appointed as a member holds office for such term of at most 5 years as is specified in the instrument of appointment, but is eligible for re-appointment.

             (2)  A person who has attained the age of 65 years must not be appointed as a full-time member.

             (3)  A person must not be appointed as a full-time member for a term extending beyond the day on which he or she will attain the age of 65 years.

109   Term of office as Chairperson or Deputy Chairperson

             (1)  Subject to this Act, a member appointed as Chairperson or Deputy Chairperson holds office as such until:

                     (a)  in any case—the end of his or her current term as a member; or

                     (b)  in any case—he or she otherwise stops being a member; or

                     (c)  in the case of a member appointed as Deputy Chairperson—he or she is appointed as Chairperson;

whichever happens first.

             (2)  A person is not ineligible to be appointed under section 10 merely because he or she has been so appointed before.

110   Resignation

                   A person may resign as a member, as Chairperson, or as Deputy Chairperson, by writing signed and delivered to the Governor-General.

111   Termination of appointment

             (1)  The Governor-General may terminate a member’s appointment because of misbehaviour, or the physical or mental incapacity, of the member or if the member:

                     (a)  becomes bankrupt, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounds with his or her creditors or assigns remuneration or property for their benefit; or

                     (b)  is a full-time member and engages without the Minister’s consent in paid employment outside the duties of the member’s office; or

                     (c)  is a full-time member and is absent from duty, except on leave of absence, for 14 consecutive days, or for 28 days in any period of 12 months; or

                     (d)  is a part-time member and is absent, except on leave granted in accordance with subsection 113(2), from 3 consecutive meetings of ASIC; or

                     (e)  without reasonable excuse, contravenes section 123, subsection 124(2), (4) or (6) or section 125; or

                      (f)  contravenes section 128.

             (2)  The Governor-General may, with the consent of a full-time member who is:

                     (a)  an eligible employee; or

                     (b)  a member of the superannuation scheme established by deed under the Superannuation Act 1990 ;

retire the member from office on the ground of incapacity.

             (3)  In spite of anything contained in this section, a member who:

                     (a)  is an eligible employee; and

                     (b)  has not reached his or her maximum retiring age within the meaning of the Superannuation Act 1976 ;

is not capable of being retired from office on the ground of invalidity within the meaning of Part IVA of that Act unless the Commonwealth Superannuation Board of Trustees No. 2 has given a certificate under section 54C of that Act.

             (4)  In spite of anything contained in this section, a member who:

                     (a)  is a member of the superannuation scheme established by deed under the Superannuation Act 1990 ; and

                     (b)  is under 60 years of age;

is not capable of being retired from office on the ground of invalidity within the meaning of that Act unless the Commonwealth Superannuation Board of Trustees No. 1 has given a certificate under section 13 of that Act.

112   Remuneration and allowances etc.

             (1)  A member must be paid such remuneration as is determined by the Remuneration Tribunal but, if no determination of that remuneration by the Tribunal is in operation, a member must be paid such remuneration as the Minister determines in writing.

             (2)  A member must be paid such allowances, and, subject to subsection (3), provided with such other benefits, as the Minister determines in writing.

             (3)  The benefits in respect of which the Minister may make a determination under subsection (2) are such benefits (including benefits by way of financial or other assistance in connection with housing, transport, insurance, long service leave and superannuation) as, in the Minister’s opinion, are necessary or desirable to assist a member in, or place the member in a position that may facilitate, the performance of his or her functions.

             (4)  ASIC may reimburse a member for any loss or expenditure incurred by the member because of, or in the course of, the performance of his or her functions.

             (5)  This section has effect subject to the Remuneration Tribunal Act 1973 .

113   Leave of absence

             (1)  A full-time member has such recreation leave entitlements as are determined by the Remuneration Tribunal.

             (2)  The Minister may:

                     (a)  grant a full-time member leave of absence, other than recreation leave, on such terms and conditions as to remuneration or otherwise as the Minister determines; and

                     (b)  grant a part-time member leave of absence from a meeting of ASIC.

114   Superannuation arrangements

             (1)  The Minister may make a written determination about the provision of superannuation benefits for or in relation to a specified full-time member who, when the determination is made, is not an eligible employee or a member of the superannuation scheme established by deed under the Superannuation Act 1990 .

             (2)  The Minister may, by writing, vary or revoke a determination made under subsection (1), even if it has been varied at least once before.

             (3)  The Minister must not make a determination under subsection (1), or vary or revoke a determination so made, except in accordance with arrangements approved by the Minister under the Superannuation Benefits (Supervisory Mechanisms) Act 1990 .

             (4)  Superannuation benefits may be provided in accordance with a determination under subsection (1) as that determination is in force when the benefits are provided.

115   Other terms and conditions

                   A member holds office on such terms and conditions (if any) in respect of matters not provided for by this Act as the Minister determines in writing.



 

Division 2 Acting appointments

116   Acting members

             (1)  The Minister may:

                     (a)  appoint a person to act as a full-time member during any period when there are less than 8 persons who are members or are acting as members in accordance with this paragraph or paragraph (b); or

                     (b)  appoint a person to act as a part-time member during any period when there are less than 8 persons who are members or are acting as members in accordance with this paragraph or paragraph (a) and there are at least 3 persons who are full-time members or are acting as members in accordance with paragraph (a); or

                     (c)  appoint a person to act as a full-time member or as a part-time member during any period when a full-time member (other than the Chairperson or the Deputy Chairperson) or a part-time member, as the case may be, is absent from office, is acting as Deputy Chairperson in accordance with section 118 or, in the case of a part-time member, is, for any reason, unable to perform the functions of his or her office.

             (2)  Except so far as the contrary intention appears, a reference in this Act to a member of ASIC includes a reference to a person who is acting as a member under subsection (1).

117   Acting Chairperson

                   The Minister may appoint a member to act as Chairperson:

                     (a)  during a vacancy in the office of Chairperson, whether or not an appointment has previously been made to the office; or

                     (b)  during any period, or during all periods, when the Chairperson is absent from office.

118   Acting Deputy Chairperson

                   The Minister may appoint a member to act as Deputy Chairperson:

                     (a)  during a vacancy in the office of Deputy Chairperson, whether or not an appointment has previously been made to the office; or

                     (b)  during any period, or during all periods, when the Deputy Chairperson is absent from office or is acting as Chairperson.

119   Limitation on appointments to act during vacancy

                   A person appointed under section 116, 117 or 118 to act during a vacancy must not continue for more than 12 months to act during the vacancy.



 

Division 3 Delegation by members

119A   Delegation by members

             (1)  A member may, in writing, delegate to a person all or any of his or her functions and powers.

             (2)  A member must not, without the Minister’s approval, delegate a function or power to a person other than:

                     (a)  a staff member; or

                     (b)  a person who, by virtue of the regulations, is a prescribed person in relation to the delegation.

             (3)  In the performance of a function, or the exercise of a power, delegated under this section, the delegate is subject to the member’s directions.