Title Australian Securities and Investments Commission Bill 2001
Database Bills & Legislation
Long Title a Bill for an Act to provide for the Australian Securities and Investments Commission, a Companies and Securities Advisory Committee and certain other bodies, and for other purposes
Date 28-03-2001
Source House of Reps
Parl No. 39
Bill Number 01014
Bill Type Government
Portfolio Treasurer's portfolio
Reps Bill Code O
Status Act
System Id legislation/bills/r1248_act/0015


Australian Securities and Investments Commission Bill 2001

Part 14—The Parliamentary Joint Committee on Corporations and Securities

  

241  Membership

             (2)  The Parliamentary Committee consists of 10 members, of whom:

                     (a)  5 are to be senators appointed by the Senate; and

                     (b)  5 are to be members of the House of Representatives appointed by that House.

Note:          The Parliamentary Committee was established by subsection 241(1) of the Australian Securities and Investments Commission Act 1989 and is continued in existence by section 261 of this Act.

             (3)  The appointment of members by a House must be in accordance with that House’s practice relating to the appointment of members of that House to serve on joint select committees of both Houses.

             (4)  A person is not eligible for appointment as a member if he or she is:

                     (a)  a Minister; or

                     (b)  the President of the Senate; or

                     (c)  the Speaker of the House of Representatives; or

                     (d)  the Deputy‑President and Chairman of Committees of the Senate; or

                     (e)  the Chairman of Committees of the House of Representatives.

             (5)  A member ceases to hold office:

                     (a)  when the House of Representatives expires or is dissolved; or

                     (b)  if he or she becomes the holder of an office referred to in a paragraph of subsection (4); or

                     (c)  if he or she ceases to be a member of the House by which he or she was appointed; or

                     (d)  if he or she resigns his or her office as provided by subsection (6) or (7), as the case requires.

             (6)  A member appointed by the Senate may resign his or her office by writing signed and delivered to the President of the Senate.

             (7)  A member appointed by the House of Representatives may resign his or her office by writing signed and delivered to the Speaker of that House.

             (8)  A House may appoint one of its members to fill a vacancy among the members of the Parliamentary Committee appointed by that House.

242  Powers and proceedings

                   Subject to this Act, all matters relating to the Parliamentary Committee’s powers and proceedings must be determined by resolution of both Houses.

243  Duties

                   The Parliamentary Committee’s duties are:

                     (a)  to inquire into, and report to both Houses on:

                              (i)  activities of ASIC or the Panel, or matters connected with such activities, to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; or

                             (ii)  the operation of the corporations legislation (other than the excluded provisions), or of any other law of the Commonwealth, of a State or Territory or of a foreign country that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); and

                     (b)  to examine each annual report that is prepared by a body established by this Act and of which a copy has been laid before a House, and to report to both Houses on matters that appear in, or arise out of, that annual report and to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; and

                     (c)  to inquire into any question in connection with its duties that is referred to it by a House, and to report to that House on that question.