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Australian Securities and Investments Commission Bill 2001

Part 4 ASIC’s business

Division 1 General

94   Arrangement of ASIC’s business

                   Subject to section 12, ASIC may give directions about the arrangement of ASIC’s business.

95   ASIC to establish offices

             (1)  For the purpose of performing its functions and exercising its powers under the corporations legislation, ASIC:

                     (a)  must establish a regional office in each State and Territory in this jurisdiction; and

                     (b)  may establish a regional office in a State that is not in this jurisdiction; and

                     (c)  may establish such other offices as it thinks fit.

             (2)  In deciding on the number and location of its offices, ASIC must seek to ensure that:

                     (a)  for the purposes of the corporations legislation (other than the excluded provisions)—it serves adequately the needs of business communities in the States and Territories in this jurisdiction; and

                     (b)  for the purposes of Division 2 of Part 2—it serves adequately the needs of business communities throughout Australia.

96  Regional Commissioners

                   For each regional office established under subsection 95(1) there is to be a different Regional Commissioner, employed by ASIC under subsection 120(3), who must manage the office.



 

Division 2 Divisions of ASIC

97   ASIC may establish Division

             (1)  ASIC may direct in writing that a Division of ASIC consisting of at least 2 specified members is to, either generally or as otherwise provided by the direction, perform or exercise specified functions or powers of ASIC.

             (2)  A direction under this section that is in force and does not specify the Chairperson as a member of the Division must specify such a member as the Division’s chairperson.

98   Effect of direction establishing Division

             (1)  Where a direction under section 97 is in force, this section has effect for the purposes of the performance or exercise by the Division, in accordance with the direction, of functions or powers of ASIC.

             (2)  ASIC is taken to consist of the Division.

             (3)  If the Chairperson is not a member of the Division, the member whom the direction specifies as the Division’s chairperson is taken to be the Chairperson.

             (4)  A meeting of the Division is taken to be a meeting of ASIC, but 2 members of the Division form a quorum at a meeting of the Division.

99   ASIC may reconstitute Division

                   Where a direction under section 97 is in force, ASIC may at any time revoke the direction or amend it in relation to the Division’s membership or in any other respect.

100   Effect of reconstituting Division

             (1)  This section has effect where, as at the time when a direction is amended under section 99 so as to change a Division’s membership, the Division as constituted before the change has, in relation to a particular matter, begun but not yet completed the performance of functions, or the exercise of powers, in accordance with the direction as in force before the amendment.

             (2)  The Division as constituted after the change may, in relation to that matter, perform functions, and exercise powers, in accordance with the direction as in force after the amendment.

101   Multiple Divisions

                   A Division of ASIC may perform functions, or exercise powers, of ASIC even though another such Division is performing such functions, or exercising such powers, at the same time.



 

Division 3 Delegation by ASIC

102   Delegation

             (1)  ASIC may, by writing under its common seal, delegate to a person all or any of its functions and powers.

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

                     (a)  a member; or

                     (b)  a staff member; or

                     (c)  a person who, by virtue of the regulations, is a prescribed person in relation to the delegation; or

                     (d)  a person appointed by APRA under section 45 of the Australian Prudential Regulation Authority Act 1998 ; or

                     (e)  a member of the staff of the Australian Competition and Consumer Commission referred to in subsection 27(1) of the Trade Practices Act 1974 .

          (2A)  ASIC must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998 , unless the Chief Executive Officer of APRA has agreed to the delegation in writing.

          (2B)  ASIC must not delegate a function or power to:

                             (a)  a person referred to in paragraph (2)(e); or

                             (b)  a person engaged under section 27A of the Trade Practices Act 1974 ;

unless the Chairperson of the Australian Competition and Consumer Commission has agreed to the delegation in writing.

             (3)  In subsections (1) and (2):

person includes a body.

             (4)  In exercising its power under subsection (1), ASIC must seek to ensure that:

                     (a)  the persons who make decisions affecting a particular business community are located as close to that community as practicable; and

                     (b)  for the purposes of the corporations legislation (other than the excluded provisions)—members of business communities in the States and Territories in this jurisdiction have prompt and convenient access to decision-making and to ASIC’s facilities; and

                     (c)  for the purposes of Division 2 of Part 2—members of business communities throughout Australia have prompt and convenient access to decision-making and to ASIC’s facilities.

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

             (6)  Where a function or power conferred on ASIC by or under a law (including this Act) and delegated under this section is performed or exercised by the delegate, it is, for the purposes of that law and this Act, taken to have been performed or exercised by ASIC.



 

Division 4 Meetings of ASIC

103   Convening of meetings

             (1)  The Chairperson may convene a meeting to be held at a place and time he or she determines.

             (2)  The Chairperson must convene such meetings as he or she thinks necessary for the efficient performance of ASIC’s functions.

             (3)  If so requested in writing by 2 of the members, the Chairperson must convene a meeting.

104   Approved methods of communication

             (1)  If all the members who are not absent from office so agree, a meeting may be held by means of a method of communication, or by means of a combination of methods of communication, approved by ASIC for the purposes of that meeting.

             (2)  For the purposes of this Part, a member who participates in a meeting held as permitted by subsection (1) is present at the meeting even if he or she is not physically present at the same place as another member participating in the meeting.

             (3)  In this section:

meeting includes a part of a meeting.

105   Quorum

                   At a meeting:

                     (a)  if ASIC consists of 3 or 4 members—2 members; or

                     (b)  in any other case—3 members;

form a quorum.

106   Who is to preside at meetings

             (1)  The Chairperson must preside at all meetings at which he or she is present.

             (2)  If the Chairperson is not present at a meeting but the Deputy Chairperson is present, the Deputy Chairperson must preside.

             (3)  If neither the Chairperson nor the Deputy Chairperson is present at a meeting, the members present must elect one of their number to preside.

107   Procedure at meetings

             (1)  Questions arising at a meeting must be determined by a majority of the votes of the members present at the meeting.

             (2)  The member presiding at a meeting has a deliberative vote but not a casting vote.