Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (103 of 2004)

Schedule 1   Audit Reform

Part 8   Companies Auditors and Liquidators Disciplinary Board

Australian Securities and Investments Commission Act 2001

144   Section 208

Repeal the section, substitute:

208 Acting Chairperson

(1) The Deputy Chairperson is to act as Chairperson:

(a) during a vacancy in the office of Chairperson (whether or not an appointment has previously been made to the office); and

(b) during all periods when the Chairperson is absent from duty or from Australia or is, for any other reason, unable to perform the functions of the office.

This subsection does not, however, operate to substitute the Deputy Chairperson for the Chairperson as a member of a particular Panel of the Disciplinary Board.

(2) The Minister may appoint a person who is eligible for appointment as Chairperson to act as Chairperson:

(a) during a vacancy in the office of Chairperson (whether or not an appointment has previously been made to the office); or

(b) during any period, or during all periods, when the Chairperson is absent from duty or from Australia, or is, for any reason, unable to perform the duties of the office.

(3) A person appointed under subsection (2) may only act as the Chairperson during a period if:

(a) there is a vacancy in the office of Deputy Chairperson during that period; or

(b) the Deputy Chairperson is, for any reason, unable to perform the duties of the office of Chairperson during that period.

(4) Anything done by, or in relation to, a person purporting to act under subsection (1) or under an appointment under subsection (2) is not invalid merely because:

(a) the occasion for the appointment had not arisen; or

(b) there was a defect or irregularity in connection with the appointment; or

(c) the appointment had ceased to have effect; or

(d) the occasion to act had not arisen or had ceased.

208A Acting Deputy Chairperson

(1) The Minister may appoint a person who is eligible for appointment as Deputy Chairperson to act as Deputy Chairperson:

(a) during a vacancy in the office of Deputy Chairperson (whether or not an appointment has previously been made to the office); or

(b) during any period, or during all periods, when the Deputy Chairperson is absent from duty or from Australia, or is, for any reason, unable to perform the duties of the office; or

(c) during any period during which the Deputy Chairperson is acting as Chairperson under subsection 208(1).

(2) Anything done by, or in relation to, a person purporting to act under an appointment under subsection (1) is not invalid merely because:

(a) the occasion for the appointment had not arisen; or

(b) there was a defect or irregularity in connection with the appointment; or

(c) the appointment had ceased to have effect; or

(d) the occasion to act had not arisen or had ceased.