Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 111

  (1)   The Governor - General may terminate a member's appointment because of misbehaviour, or the physical or mental incapacity, of the member or if the member:

  (a)   becomes bankrupt, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounds with his or her creditors or assigns remuneration or property for their benefit; or

  (b)   is a full - time member and engages without the Minister's consent in paid employment outside the duties of the member's office; or

  (c)   is a full - time member and is absent from duty, except on leave of absence, for 14 consecutive days, or for 28 days in any period of 12 months; or

  (d)   is a part - time member and is absent, except on leave granted in accordance with subsection   113(2), from 3   consecutive meetings of ASIC; or

  (e)   without reasonable excuse, contravenes section   123 or 125; or

  (f)   without reasonable excuse, contravenes section   29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section.

  (2)   The Governor - General may, with the consent of a full - time member who is:

  (a)   an eligible employee; or

  (b)   a member of the superannuation scheme established by deed under the Superannuation Act 1990 ; or

  (c)   an ordinary employer - sponsored member of PSSAP, within the meaning of the Superannuation Act 2005 ;

retire the member from office on the ground of incapacity.

  (3)   In spite of anything contained in this section, a member who:

  (a)   is an eligible employee; and

  (b)   has not reached his or her maximum retiring age (within the meaning of the Superannuation Act 1976 );

is not capable of being retired from office on the ground of invalidity (within the meaning of Part   IVA of that Act) unless CSC has given a certificate under section   54C of that Act.

  (4)   In spite of anything contained in this section, a member who:

  (a)   is a member of the superannuation scheme established by deed under the Superannuation Act 1990 ; and

  (b)   is under 60 years of age;

is not capable of being retired from office on the ground of invalidity (within the meaning of that Act) unless CSC has given a certificate under section   13 of that Act.

  (5)   In spite of anything contained in this section, a member who:

  (a)   is an ordinary employer - sponsored member of PSSAP, within the meaning of the Superannuation Act 2005 ; and

  (b)   is under 60 years of age;

is not capable of being retired from office on the ground of invalidity (within the meaning of that Act) unless CSC has given an approval and certificate under section   43 of that Act.