Corporations Act 2001
The Minister may (subject to subsection (2)), by notifiable instrument, declare a body corporate to be the standards body. 921X(2)
The Minister may make a declaration under subsection (1) only if the following requirements are met:
(a) the body is a company limited by guarantee;
(b) the Minister is satisfied that the body is likely to comply with its obligations under this Act and other laws of the Commonwealth;
(c) the body ' s constitution provides the following:
(i) the functions of the body mentioned in section 921U ;
(ii) the body must not be operated for profit;
(iii) the body must have 9 directors;
(iv) at least 3 directors (excluding the chair of the board of directors) must have experience in carrying on a financial services business or providing a financial service;
(v) at least 3 directors (excluding the chair of the board of directors) must have experience in representing consumers of financial services;
(vi) at least one director (excluding the chair of the board of directors) must have experience in the field of ethics;
(vii) at least one director (excluding the chair of the board of directors) must have experience in designing, or the requirements of, educational courses or qualifications;
(viii) a director must not hold a managerial or executive office in a professional association or association representing consumers of financial services;
(ix) a director must not represent any professional association, or association representing consumers of financial services, to which the director belongs;
(x) the Minister must appoint each director;
(xi) a director may resign his or her appointment by giving the Minister, and the body, a written resignation;
(xii) the resignation takes effect on the day it has been received by both the Minister and the body or, if a later day is specified in the resignation, on that later day.
The declaration must specify the time at which it takes effect. 921X(4)
The Minister must table the declaration in each House of the Parliament as soon as practicable.
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