Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 290

  (1)   The amendments made by items   1 to 5 of Schedule   2 to the amending Act do not apply until after the transition period.

  (2)   During the transition period:

  (a)   a person holding an appointment as a member of the Companies Auditors and Liquidators Disciplinary Board under paragraph   203(1)(c) or (d) of the old Act immediately before the Schedule   2 commencement continues to hold that appointment on and after that commencement for the remainder of the term of the person's appointment as if those amendments had not been made; and

  (b)   paragraph   (a) does not prevent the Minister terminating the appointment under section   207 or the person from resigning under section   206; and

  (c)   there are to be no more than 6 accounting members of the Companies Auditors and Liquidators Disciplinary Board; and

  (d)   any member appointed after the Schedule   2 commencement:

  (i)   must be selected by the Minister; and

  (ii)   must be eligible to be appointed under subsection   203(1B) as inserted by item   5 of Schedule   2 to the amending Act; and

  (e)   accounting member means:

  (i)   a member appointed under paragraph   (d); or

  (ii)   a member appointed under paragraph   203(1)(c) or (d) of the old Act.

  (3)   After the transition period, accounting member is taken to include a member appointed under paragraph   (2)(d).