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Australian Securities and Investments Commission Bill 2001

Part 9 The Companies and Securities Advisory Committee

Division 1 General

146   CASAC is a body corporate

                   CASAC:

                     (a)  is a body corporate, with perpetual succession; and

                     (b)  is to have a common seal; and

                     (c)  may acquire, hold and dispose of real and personal property; and

                     (d)  may sue and be sued in its corporate name.

Note 1:       CASAC was established by section 145 of the Australian Securities and Investments Commission Act 1989 and is continued in existence by section 261 of this Act.

Note 2:       The Commonwealth Authorities and Companies Act 1997 applies to CASAC. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.

147   Membership

             (1)  CASAC consists of the following members, namely, the Chairperson of ASIC and such other members as hold office in accordance with this Part.

             (2)  The members (other than the Chairperson of ASIC) are to be appointed by the Minister on a part-time basis.

             (3)  The Minister must, by writing, appoint a member (other than the Chairperson of ASIC) as the Convenor of CASAC.

             (4)  The Minister must appoint a person as a member only if the Minister is satisfied that the person is qualified for appointment by virtue of his or her knowledge of, or experience in, one or more of the following fields, namely, business, the administration of companies, the financial markets, law, economics and accounting.

             (5)  In appointing the members:

                     (a)  the Minister must have regard to the desirability of the views of business communities in this jurisdiction being adequately represented among the members; and

                     (b)  the Minister must ensure so far as practicable that at any time there is at least one member of CASAC from each State in this jurisdiction and the Northern Territory.

             (6)  For the purposes of subsection (5), a member is from a particular State or Territory if he or she is a resident of that State or Territory.

148   Functions

                   CASAC’s functions are, on its own initiative or when requested by the Minister, to advise the Minister, and to make to the Minister such recommendations as it thinks fit, about any matter connected with:

                     (a)  a proposal to make corporations legislation, or to make amendments of the corporations legislation (other than the excluded provisions); or

                     (b)  the operation or administration of the corporations legislation (other than the excluded provisions); or

                     (c)  law reform in relation to the corporations legislation (other than the excluded provisions); or

                     (d)  companies, securities or the futures industry; or

                     (e)  a proposal for improving the efficiency of the securities markets or futures markets.

149   Term of office as member

                   Subject to this Act, a person appointed as a member holds office for such term of at least one year and at most 3 years as is specified in the instrument of appointment, but is eligible for re-appointment.

150   Resignation

                   A person appointed as a member may resign as a member by writing signed by the person and delivered to the Minister.

151   Termination of appointment

                   The Minister may terminate the appointment of a member:

                     (a)  because of the physical or mental incapacity of the member; or

                     (b)  if the member 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.

152   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 as the Minister determines in writing.

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

             (4)  In this section:

member does not include the Chairperson of ASIC.

153   Meetings

             (1)  Where the Convenor is absent from a meeting, the members who are present at the meeting may appoint one of their number to act as Convenor for the purposes of that meeting.

             (2)  The procedure at a meeting must be determined by the members present.

154   CASAC to inform itself in any manner

                   For the purposes of the performance by CASAC of any of its functions, CASAC may inform itself in such manner as it sees fit.

155   Publication of advice or recommendations

             (1)  The Minister may, after consulting CASAC, publish any advice or recommendations given to him or her by CASAC.

             (2)  Nothing in subsection (1) affects the power of CASAC to publish any advice or recommendations that it has given to the Minister.



 

Division 2 Staff and finance

156   Staff

             (1)  Subject to this Part, CASAC’s staff must be persons engaged under the Public Service Act 1999 .

             (2)  For the purposes of the Public Service Act 1999 :

                     (a)  the Convenor and the APS employees assisting the Convenor together constitute a Statutory Agency; and

                     (b)  the Convenor is the Head of that Statutory Agency.

             (3)  In addition to the staff referred to in subsection (1), CASAC may, on the Commonwealth’s behalf, employ under written agreements such persons as CASAC thinks necessary for the performance or exercise of any of its functions and powers.

             (4)  The terms and conditions of employment of persons employed under subsection (3) are such as CASAC determines from time to time with the Minister’s written approval.

157   Consultants etc.

             (1)  CASAC may, on the Commonwealth’s behalf, engage, under written agreements, as consultants to, or to perform services for, CASAC, in connection with the performance or exercise of any of its functions or powers, persons having suitable qualifications and experience.

             (2)  The terms and conditions of engagement of persons engaged under subsection (1) are such as CASAC determines from time to time.

158   Staff seconded to CASAC

                   In addition to the other staff of CASAC:

                     (a)  officers and employees of Agencies (within the meaning of the Public Service Act 1999 ), and of authorities of the Commonwealth, whose services are made available to CASAC in connection with the performance or exercise of any of its functions or powers; and

                     (b)  persons whose services are so made available under arrangements made under section 249;

are to assist CASAC.

159   Payments to CASAC by Commonwealth

             (1)  There is to be paid to CASAC such money as is appropriated by the Parliament for the purposes of CASAC.

             (2)  The Minister for Finance may give directions about the amounts in which, and the times at which, money payable under subsection (1) is to be paid to CASAC.

160   CASAC’s money

                   CASAC’s money consists of:

                     (a)  money paid to CASAC under subsection 159(1); and

                     (b)  any other money paid to CASAC.

161   How CASAC’s money to be applied

             (1)  CASAC’s money may be applied only:

                     (a)  in paying or discharging expenses, charges, obligations, or liabilities, that CASAC incurs or undertakes in connection with performing or exercising any of its functions and powers; or

                     (b)  in paying remuneration or allowances payable under this Act to members of CASAC.

             (2)  Nothing in subsection (1) limits the generality of anything else in that subsection.

             (3)  Subsection (1) does not prevent investment of surplus money of CASAC under section 18 of the Commonwealth Authorities and Companies Act 1997 .

             (4)  This section has effect subject to a provision that a law of the Commonwealth makes about money or property that vests in CASAC under such a law.

             (5)  The Minister may by writing require CASAC to pay to the Commonwealth so much of CASAC’s money as:

                     (a)  is not immediately required for the purposes of CASAC; and

                     (b)  does not exceed a specified amount.

             (6)  CASAC must comply with a requirement under subsection (5) and must realise so much of the property in which money has been invested under subsection 18(3) of the Commonwealth Authorities and Companies Act 1997 as is necessary in order to so comply.

             (7)  Money paid by CASAC to the Commonwealth under subsection (5) forms part of the Consolidated Revenue Fund.

163   Limitation on contracts and leases

             (1)  Except as otherwise provided by the regulations, CASAC must not, without the approval of the Minister:

                     (a)  enter into a contract under which CASAC is to pay or receive an amount exceeding $5 0,0 00 or, if a higher amount is prescribed, that higher amount; or

                     (b)  enter into a lease of land for a period exceeding 10 years.

             (2)  In paragraph (1)(a):

contract does not include an agreement entered into under subsection 156(3) or 157(1).

165   Liability to taxation

             (1)  Subject to subsection (2), CASAC is not subject to taxation under:

                     (a)  a law of the Commonwealth (other than a law imposing sales tax, the Debits Tax Act 1982 or the Fringe Benefits Tax Act 1986 ); or

                     (b)  a law of a State or Territory.

             (2)  The regulations may provide that subsection (1) does not apply in relation to taxation under a specified law.

166   CASAC may accept property on trust

                   CASAC may accept gifts, bequests and devises made to CASAC on trust and may act as trustee of money or other property vested in CASAC on trust.

167   Trust money to be paid into bank account

                   CASAC must ensure that trust money is paid into an account or accounts:

                     (a)  maintained by CASAC under subsection 18(2) of the Commonwealth Authorities and Companies Act 1997 ; and

                     (b)  containing only trust money.

168   How trust property to be applied

             (1)  Notwithstanding section 161, money or other property that CASAC holds on trust must be applied or dealt with in accordance with CASAC’s powers and duties as trustee, and not otherwise.

             (2)  Money that CASAC holds on trust may be invested in any manner in which:

                     (a)  the terms of the trust authorise CASAC to invest the money; or

                     (b)  a law in force in a State or internal Territory authorises trustees to invest trust funds.