THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.9 - FIDELITY FUNDS

SECTION 901   MANAGEMENT SUB-COMMITTEE  

901(1)  [Appointment]  

The board of a securities exchange may, by resolution, appoint a management sub-committee of not fewer than 3 nor more than 5 members of the securities exchange, at least one of whom is also a member of the board.

901(2)  [Delegation to sub-committee]  

The board may, by resolution, delegate to a sub-committee all or any of its powers, authorities and discretions under a provision of this Part (other than this section, section 904, subsection 907(8), (10) or (11) or section 909).

901(3)  [Exercise of delegated powers, etc]  

A power, authority or discretion delegated under subsection (2) may be exercised by members forming a majority of the sub-committee as if that power, authority or discretion had been conferred by this Part on a majority of the members of the sub-committee.

901(4)  [Variation or revocation of delegation]  

A delegation under this section may at any time, by resolution of the board, be varied or revoked.

901(5)  [Removal of sub-committee member]  

The board may at any time, by resolution, remove a member of a sub-committee and may, by resolution, fill a vacancy arising in the membership of the sub-committee.

901(6)  [Sub-committee appointed under corresponding previous law]  

A management sub-committee appointed by the board of a securities exchange before the commencement of this Part under a corresponding previous law and in existence immediately before that commencement shall be deemed to have been appointed by the board of the securities exchange on that commencement under this section.

 View history note

901(7)  [Delegation under corresponding previous law]  

If the board of a securities exchange referred to in subsection (6) had before the commencement of this Part delegated to a management sub-committee referred to in that subsection any powers, authorities or discretions under the corresponding previous law so referred to and had not revoked the delegation before that commencement, the board shall be deemed to have, on that commencement, delegated to the management sub-committee its corresponding previous powers, authorities and discretions under this Part.

 View history note

 

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