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

Schedule 1   Audit Reform

Part 1   Audit oversight

Australian Securities and Investments Commission Act 2001

34   At the end of section 238

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(2) The money of the AUASB must be applied only:

(a) in payment or discharge of the costs, expenses and other obligations incurred by the AUASB in the performance of its functions or the exercise of its powers under this Act; and

(b) in paying or discharging, or reimbursing someone for, the costs, expenses and other obligations incurred in connection with the performance by the FRC of its functions and the exercise by the FRC of its powers; and

(c) in meeting the administrative expenses of the committees and advisory groups the FRC establishes; and

(d) in payment of any remuneration and allowances payable to any person appointed to the FRC or the AUASB under this Part; and

(e) in making payments to the AASB.