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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 156

Decisions without meetings

  (1)   A Financial Services and Credit Panel is taken to have made a decision at a meeting if:

  (a)   the Chair of the panel informs the other members of the panel of the proposed decision, or makes reasonable efforts to do so; and

  (b)   without meeting, a majority of the members of the panel entitled to vote on the proposed decision indicate agreement with the decision; and

  (c)   that agreement is indicated in accordance with the method determined by the panel under subsection   (2).

  (2)   Subsection   (1) applies only if:

  (a)   the Chair of the panel is not prevented by subsection   148(3) from convening a meeting in relation to the proposed decision; and

  (b)   the panel:

  (i)   has determined that it may make decisions of that kind without meeting; and

  (ii)   has determined the method by which members of the panel are to indicate agreement with proposed decisions.

  (3)   For the purposes of paragraph   (1)(b):

  (a)   a member of the panel (other than the Chair of the panel) is not entitled to vote on a proposed decision if the member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the panel; and

  (b)   if:

  (i)   the number of members indicating agreement with the decision is equal to the number of members not indicating agreement with the decision; and

  (ii)   the Chair of the panel indicates the Chair's agreement with the decision;

    a majority of the members of the panel entitled to vote on the proposed decision is taken to have indicated agreement with the decision.

  (4)   The panel must keep a record of decisions made in accordance with this section.


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