(2) The Parliamentary Committee consists of 10 members, of whom:

(a)

5 are to be senators appointed by the Senate; and

(b)

5 are to be members of the House of Representatives appointed by that House.

Note: The Parliamentary Committee was established by subsection 241(1) of the Australian Securities and Investments Commission Act 1989 and is continued in existence by section 261 of this Act.

(3) The appointment of members by a House must be in accordance with that House's practice relating to the appointment of members of that House to serve on joint select committees of both Houses. (4) A person is not eligible for appointment as a member if he or she is:

(a)

a Minister; or

(b)

the President of the Senate; or

(c)

the Speaker of the House of Representatives; or

(d)

the Deputy-President and Chairman of Committees of the Senate; or

(e)

the Chairman of Committees of the House of Representatives.

(5) A member ceases to hold office:

(a)

when the House of Representatives expires or is dissolved; or

(b)

if he or she becomes the holder of an office referred to in a paragraph of subsection (4); or

(c)

if he or she ceases to be a member of the House by which he or she was appointed; or

(d)

if he or she resigns his or her office as provided by subsection (6) or (7), as the case requires.

(6) A member appointed by the Senate may resign his or her office by writing signed and delivered to the President of the Senate. (7) A member appointed by the House of Representatives may resign his or her office by writing signed and delivered to the Speaker of that House. (8) A House may appoint one of its members to fill a vacancy among the members of the Parliamentary Committee appointed by that House.