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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - NOTES

Act No. 51 of 2001 as amended

This compilation was prepared on 31 December 2007
taking into account amendments up to Act No. 159 of 2007

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

  

  

  


Contents

Part 1--Preliminary                                                                                                                1

Division 1--Objects                                                                                                       1

1............ Objects ................................................................................................ 1

Division 2--Citation                                                                                                       3

1A......... Short title [see Note 1] ....................................................................... 3

Division 3--Commencement and application                                                   4

2............ Commencement [see Note 1] .............................................................. 4

4............ Application of this Act ...................................................................... 4

4A......... Application of the Criminal Code ...................................................... 5

Division 4--Interpretation                                                                                          6

5............ Interpretation ...................................................................................... 6

5A......... Application of the Acts Interpretation Act 1901 ............................... 13

6............ Giving information ............................................................................ 14

Part 2--Australian Securities and Investments Commission and consumer protection in relation to financial services                                                                                                                     15

Division 1--Australian Securities and Investments Commission       15

8............ ASIC is a body corporate ................................................................. 15

8A......... ASIC's liabilities are Commonwealth liabilities ............................... 16

9............ Membership ..................................................................................... 16

10.......... Chairperson and Deputy Chairperson ............................................. 17

10A....... Chairperson not subject to direction by ASIC on certain matters ... 17

11.......... Corporations legislation functions and powers and other functions and powers     17

12.......... Directions by Minister ..................................................................... 20

12A....... Other functions and powers ............................................................. 21

Division 2--Unconscionable conduct and consumer protection in relation to financial  services            23

Subdivision A--Application                                                                                      23

12AC.... Division extends to some conduct outside Australia ........................ 23

12AD.... Application of Division to Commonwealth and Commonwealth authorities          24

12AE..... Saving of other laws and remedies .................................................... 24

Subdivision B--Interpretation                                                                                 25

12BA.... Interpretation .................................................................................... 25

12BAA. Definition of financial product ......................................................... 28

12BAB.. Meaning of financial service ............................................................. 33

12BB..... Misleading representations ............................................................... 38

12BC..... Consumers ........................................................................................ 38

12BD.... Acquisition, supply and re‑supply .................................................. 40

12BE..... Application of Division in relation to leases and licences of land and buildings      41

Subdivision C--Unconscionable conduct                                                               41

12CA.... Unconscionable conduct within the meaning of the unwritten law of the States and Territories             41

12CB..... Unconscionable conduct ................................................................... 42

12CC..... Unconscionable conduct in business transactions ............................ 43

Subdivision D--Consumer protection                                                                    49

12DA.... Misleading or deceptive conduct ...................................................... 49

12DB.... False or misleading representations .................................................. 49

12DC.... False representations and other misleading or offensive conduct in relation to financial products that involve interests in land ............................................................................................... 51

12DD.... Cash price to be stated in certain circumstances .............................. 52

12DE..... Offering gifts and prizes ................................................................... 53

12DF..... Certain misleading conduct in relation to financial services .............. 53

12DG.... Bait advertising ................................................................................. 54

12DH.... Referral selling .................................................................................. 55

12DI...... Accepting payment without intending or being able to supply as ordered              55

12DJ..... Harassment and coercion .................................................................. 56

12DK.... Pyramid selling of financial products ............................................... 57

12DL..... Unsolicited credit cards and debit cards ........................................... 59

12DM... Assertion of right to payment for unsolicited financial services ...... 61

12DN.... Application of provisions of Division to prescribed information providers            62

Subdivision E--Conditions and warranties in consumer transactions            64

12EA..... Conflict of laws ................................................................................ 64

12EB..... Application of provisions not to be excluded or modified ............... 64

12EC..... Limitation of liability for breach of certain conditions or warranties 64

12ED..... Warranties in relation to the supply of financial services ................ 65

Subdivision G--Enforcement and remedies                                                          66

12GA.... Interpretation .................................................................................... 66

12GB.... Offences against Subdivision D ........................................................ 67

12GC.... Enforcement and recovery of certain fines ....................................... 69

12GCA. Preference must be given to compensation for victims .................... 71

12GD.... Injunctions ........................................................................................ 71

12GF..... Actions for damages ......................................................................... 73

12GG.... Finding in proceedings to be evidence .............................................. 74

12GH.... Conduct by directors, employees or agents ..................................... 74

12GI...... Defences ........................................................................................... 75

12GJ..... Jurisdiction of courts ........................................................................ 77

12GK.... Transfer of matters ........................................................................... 77

12GL..... Transfer of certain proceedings to Family Court ............................. 79

12GLA.. Non‑punitive orders ......................................................................... 81

12GLB.. Punitive orders requiring adverse publicity ...................................... 83

12GM... Other orders ...................................................................................... 83

12GN.... Power of Court to prohibit payment or transfer of money or other property        86

12GNA. Limit on liability for misleading or deceptive conduct ..................... 88

12GO.... Intervention by ASIC ....................................................................... 90

Subdivision GA--Proportionate liability for misleading and deceptive conduct   90

12GP..... Application of Subdivision ............................................................... 90

12GQ.... Certain concurrent wrongdoers not to have benefit of apportionment 91

12GR.... Proportionate liability for apportionable claims .............................. 91

12GS..... Defendant to notify plaintiff of concurrent wrongdoer of whom defendant is aware              92

12GT.... Contribution not recoverable from defendant ................................... 93

12GU.... Subsequent actions ........................................................................... 93

12GV.... Joining non‑party concurrent wrongdoer in the action ..................... 93

12GW... Application of Subdivision ............................................................... 94

Subdivision H--Miscellaneous                                                                                94

12HA.... Relationship of this Subdivision to Part 3 ........................................ 94

12HB.... Disclosure of documents by ASIC ................................................... 94

12HC.... Prosecutions ..................................................................................... 95

12HD.... Jurisdiction of Court to make declarations and orders ..................... 96

Part 3--Investigations and information‑gathering                                              97

Division 1--Investigations                                                                                       97

13.......... General powers of investigation ....................................................... 97

14.......... Minister may direct investigations ................................................... 98

15.......... Investigation after report of receiver or liquidator ............................ 98

16.......... Interim report on investigation ......................................................... 99

17.......... Final report on investigation ............................................................. 99

18.......... Distribution of report ..................................................................... 100

Division 2--Examination of persons                                                                 101

19.......... Notice requiring appearance for examination .................................. 101

20.......... Proceedings at examination ............................................................. 101

21.......... Requirements made of examinee ..................................................... 101

22.......... Examination to take place in private ............................................... 102

23.......... Examinee's lawyer may attend ....................................................... 102

24.......... Record of examination .................................................................... 103

25.......... Giving to other persons copies of record ....................................... 103

26.......... Copies given subject to conditions ................................................. 104

27.......... Record to accompany report .......................................................... 104

Division 3--Inspection of books and audit information‑gathering powers           105

28.......... When certain powers may be exercised .......................................... 105

29.......... ASIC may inspect books without charge ....................................... 105

30.......... Notice to produce books about affairs of body corporate or registered scheme      106

30A....... Notice to auditors concerning information and books .................... 106

31.......... Notice to produce books about financial products ......................... 108

32A....... Notice to produce books about financial services .......................... 109

33.......... Notice to produce documents in person's possession ................... 109

34.......... ASIC may authorise persons to require production of books, giving of information etc.        109

35.......... Application for warrant to seize books not produced ................... 110

36.......... Grant of warrant ............................................................................. 111

37.......... Powers where books produced or seized ....................................... 112

38.......... Powers where books not produced ................................................ 113

39.......... Power to require person to identify property of body corporate .. 113

39A....... ASIC may give copy of book relating to registered scheme to another person        114

39B....... ASIC to notify foreign regulator's access to information or books 114

Division 4--Requirements to disclose information about financial products      115

40.......... When certain powers may be exercised .......................................... 115

41.......... Acquisitions and disposals of financial products ........................... 115

43.......... Exercise of certain powers of ASIC in relation to financial products 117

47.......... Disclosures to take place in private ................................................ 119

48.......... Lawyer of person making disclosure may attend ........................... 119

Division 5--Proceedings after an investigation                                          120

49.......... ASIC may cause prosecution to be begun ...................................... 120

50.......... ASIC may cause civil proceeding to be begun ................................ 121

Division 6--Hearings                                                                                                122

51.......... Power to hold hearings ................................................................... 122

52.......... General discretion to hold hearing in public or private ................... 122

53.......... Request by person appearing at hearing that it take place in public 122

54.......... Certain hearings to take place in private ......................................... 123

55.......... ASIC may restrict publication of certain material .......................... 123

56.......... Who may be present when hearing takes place in private .............. 123

57.......... Involvement of person entitled to appear at hearing ...................... 124

58.......... Power to summon witnesses and take evidence ............................. 124

59.......... Proceedings at hearings ................................................................... 125

60.......... ASIC to take account of evidence and submissions ....................... 126

61.......... Reference to Court of question of law arising at hearing ................ 126

62.......... Protection of members etc. ............................................................. 127

Division 7--Offences                                                                                                 128

63.......... Non‑compliance with requirements made under this Part .............. 128

64.......... False information ............................................................................ 129

65.......... Obstructing person acting under this Part ...................................... 129

66.......... Contempt of ASIC ......................................................................... 130

67.......... Concealing books relevant to investigation ..................................... 131

68.......... Self‑incrimination ............................................................................ 131

69.......... Legal professional privilege ............................................................ 132

70.......... Powers of Court where non‑compliance with Part ........................ 133

Division 8--ASIC's powers where non‑compliance with Part             134

71.......... Orders by ASIC .............................................................................. 134

72.......... Orders in relation to securities of a body corporate ....................... 134

73.......... Orders in relation to financial products generally ........................... 135

75.......... Orders under this Division ............................................................. 136

Division 9--Evidentiary use of certain material                                          137

76.......... Statements made at an examination: proceedings against examinee 137

77.......... Statements made at an examination: other proceedings .................. 137

78.......... Weight of evidence admitted under section 77 ............................... 138

79.......... Objection to admission of statements made at examination ........... 139

80.......... Copies of, or extracts from, certain books ...................................... 140

81.......... Report under Division 1 ................................................................. 140

82.......... Exceptions to admissibility of report ............................................. 141

83.......... Material otherwise admissible ........................................................ 142

Division 10--Miscellaneous                                                                                  143

84.......... Requirement made of a body corporate .......................................... 143

85.......... Evidence of authority ..................................................................... 143

86.......... Giving documents to natural persons ............................................. 143

87.......... Place and time for production of books .......................................... 144

88.......... Application of Crimes Act and Evidence Act ................................ 144

89.......... Allowances and expenses ............................................................... 144

90.......... Expenses of investigation under Division 1 .................................... 144

91.......... Recovery of expenses of investigation ........................................... 145

92.......... Compliance with Part ..................................................................... 146

93.......... Effect of Part .................................................................................. 146

93AA.... Enforcement of undertakings .......................................................... 146

Part 3A--Enforceable undertakings in relation to registered schemes 148

93A....... Undertakings by responsible entity ............................................... 148

Part 4--ASIC's business                                                                                                 150

Division 1--General                                                                                                   150

94.......... Arrangement of ASIC's business ................................................... 150

95.......... ASIC to establish offices ................................................................ 150

96.......... Regional Commissioners ................................................................. 150

Division 2--Divisions of ASIC                                                                             151

97.......... ASIC may establish Division ......................................................... 151

98.......... Effect of direction establishing Division ......................................... 151

99.......... ASIC may reconstitute Division .................................................... 151

100........ Effect of reconstituting Division .................................................... 151

101........ Multiple Divisions ......................................................................... 152

Division 3--Delegation by ASIC                                                                         153

102........ Delegation ....................................................................................... 153

Division 4--Meetings of ASIC                                                                             155

103........ Convening of meetings .................................................................... 155

104........ Approved methods of communication ........................................... 155

105........ Quorum ........................................................................................... 155

106........ Who is to preside at meetings ......................................................... 156

107........ Procedure at meetings ..................................................................... 156

Part 5--ASIC's members                                                                                                157

Division 1--Terms and conditions                                                                     157

108........ Term of office as member ............................................................... 157

109........ Term of office as Chairperson or Deputy Chairperson ................. 157

110........ Resignation ..................................................................................... 157

111........ Termination of appointment .......................................................... 157

112........ Remuneration and allowances etc. .................................................. 158

113........ Leave of absence ............................................................................. 159

114........ Superannuation arrangements ......................................................... 159

115........ Other terms and conditions ............................................................ 160

Division 2--Acting appointments                                                                       161

116........ Acting members .............................................................................. 161

117........ Acting Chairperson ......................................................................... 161

118........ Acting Deputy Chairperson ........................................................... 162

119........ Limitation on appointments to act during vacancy ........................ 162

Division 3--Delegation by members                                                                 163

119A..... Delegation by members .................................................................. 163

Part 6--ASIC's staff                                                                                                          164

120........ Staff ................................................................................................ 164

121........ Consultants etc. .............................................................................. 164

122........ Staff seconded to ASIC .................................................................. 164

Part 7--Preventing conflicts of interest and misuse of information        166

Division 1--Disclosure of interests                                                                   166

123........ Members to disclose certain interests to Minister ......................... 166

124........ Members to disclose certain interests to Chairperson ................... 167

125........ Notification of interests to ASIC ................................................... 168

126........ Defence ........................................................................................... 168

Division 2--Confidentiality                                                                                     169

127........ Confidentiality ................................................................................ 169

Part 8--Finance and reporting requirements                                                       174

Division 1--Companies and Unclaimed Moneys Special Account    174

133........ Companies and Unclaimed Moneys Special Account .................... 174

134........ Credits to the Account ................................................................... 174

135........ Purpose of the Account .................................................................. 174

Division 2--Reporting requirements                                                                176

136........ Annual reports ................................................................................ 176

Division 3--Liability to taxation                                                                          178

137........ Liability to taxation ........................................................................ 178

Part 9--The Corporations and Markets Advisory Committee                  179

Division 1--General                                                                                                   179

146........ CAMAC is a body corporate ......................................................... 179

146A..... CAMAC's liabilities are Commonwealth liabilities ....................... 179

147........ Membership ................................................................................... 180

147A..... Convenor not subject to direction by CAMAC on certain matters 180

148........ Functions ........................................................................................ 181

149........ Term of office as member ............................................................... 181

150........ Resignation ..................................................................................... 181

151........ Termination of appointment .......................................................... 181

152........ Remuneration and allowances etc. .................................................. 182

153........ Meetings ......................................................................................... 182

154........ CAMAC to inform itself in any manner ........................................ 182

155........ Publication of advice or recommendations ..................................... 183

Division 2--Staff                                                                                                           184

156........ Staff ................................................................................................ 184

157........ Consultants etc. .............................................................................. 184

158........ Staff seconded to CAMAC ............................................................ 184

Division 3--Liability to taxation                                                                          186

159........ Liability to taxation ........................................................................ 186

Division 4--Reporting requirements                                                                187

162........ Annual report ................................................................................. 187

Part 10--The Takeovers Panel                                                                                    188

Division 1--General                                                                                                   188

172........ Membership ................................................................................... 188

173........ President ......................................................................................... 189

174........ Functions and powers of Panel ...................................................... 189

175........ Term of office as member ............................................................... 189

176........ Term of office as President ............................................................. 189

177........ Resignation ..................................................................................... 190

178........ Termination of appointment .......................................................... 190

179........ Remuneration and allowances ......................................................... 190

180........ Leave of absence ............................................................................. 191

181........ Other terms and conditions ............................................................ 191

182........ Acting President ............................................................................. 191

183........ Annual report ................................................................................. 191

Division 2--Conduct of Panel's business                                                       192

184........ Constitution of Panel in relation to particular matters ................... 192

185........ Disclosure of interests by members ............................................... 193

186........ Application of Division 2 of Part 7 ................................................ 194

Division 3--Panel proceedings                                                                            195

187........ Interpretation .................................................................................. 195

188........ Power to conduct proceedings ........................................................ 195

190........ Panel may restrict publication of certain material .......................... 195

192........ Power to summon witnesses and take evidence ............................. 196

193........ Quorum ........................................................................................... 197

194........ Legal representation in proceedings before the Panel ..................... 197

195........ Procedure ........................................................................................ 197

197........ Protection of members etc. ............................................................. 198

198........ Non‑compliance with requirements made under section 192 ......... 198

199........ False evidence ................................................................................. 198

200........ Contempt of Panel .......................................................................... 199

201........ Powers of Court where non‑compliance with section 192 ............. 199

201A..... Undertakings to the Panel ............................................................... 200

Part 11--Companies Auditors and Liquidators Disciplinary Board       201

Division 1--Constitution of Disciplinary Board                                          201

203........ Membership of Disciplinary Board ............................................... 201

204........ Functions and powers of Disciplinary Board ................................ 202

205........ Term of office ................................................................................. 202

206........ Resignation from office ................................................................... 202

207........ Termination of appointment .......................................................... 202

208........ Acting Chairperson ......................................................................... 203

208A..... Acting Deputy Chairperson ........................................................... 204

210........ Meetings of the Disciplinary Board ............................................... 204

210A..... Panel to be constituted to deal with application ............................ 205

210B..... Meetings of Panel of the Disciplinary Board ................................. 206

211........ Disclosure of interests .................................................................... 207

212........ Remuneration and allowances ......................................................... 208

213........ Confidentiality ................................................................................ 208

214........ Annual report ................................................................................. 209

Division 2--Hearings by Disciplinary Board                                                210

215........ Definition ........................................................................................ 210

216........ Hearings .......................................................................................... 210

217........ Power to summon witnesses and take evidence ............................. 211

218........ Proceedings at hearings ................................................................... 212

219........ Failure of witnesses to attend and answer questions ..................... 213

220........ Contempt of Disciplinary Board .................................................... 215

221........ Protection of members etc. ............................................................. 215

222........ Hearings taken to be judicial proceedings ....................................... 216

223........ Costs ............................................................................................... 216

Part 12--The Australian financial reporting system                                        218

224........ Main objects of this Part ................................................................ 218

Division 1--The financial reporting system                                                  219

225........ Functions and powers of the Financial Reporting Council ............ 219

225A..... Financial Reporting Council's information gathering powers ........ 223

226........ The Australian Accounting Standards Board ................................. 225

227........ AASB's functions and powers ....................................................... 226

227A..... The Auditing and Assurance Standards Board ............................... 227

227B..... AUASB's functions and powers .................................................... 228

Division 2--Accounting standards                                                                     230

228........ Purposive interpretation of standards ............................................ 230

229........ Generic and specific standards ....................................................... 230

230........ Comparative amounts ..................................................................... 231

231........ Cost/benefit analysis ...................................................................... 231

232........ FRC views ...................................................................................... 231

233........ International accounting standards ................................................. 232

234........ Validity of accounting standards .................................................... 232

Division 2A--Auditing standards                                                                        233

234A..... Purposive interpretation of standards ............................................ 233

234B..... Generic and specific standards ....................................................... 233

234C..... FRC views ...................................................................................... 233

234D..... International auditing standards ...................................................... 234

234E...... Validity of auditing standards ......................................................... 234

Division 3--Administrative provisions                                                            235

Subdivision A--The Financial Reporting Council                                             235

235A..... Membership of FRC ...................................................................... 235

235B..... Annual report ................................................................................. 235

235BA.. Report on auditor independence functions ..................................... 236

235C..... Procedure ........................................................................................ 236

Subdivision B--The Australian Accounting Standards Board                       236

236A..... Procedures ...................................................................................... 236

236B..... Appointment of members of the AASB ........................................ 237

236C..... Resignation and termination of appointment ................................. 238

236D..... Acting appointments ...................................................................... 239

Subdivision BA--The Auditing and Assurance Standards Board                  240

236E...... Procedures ...................................................................................... 240

236F...... Appointment of members of the AUASB ..................................... 240

236G..... Resignation and termination of appointment ................................. 241

236H..... Acting appointments ...................................................................... 242

Subdivision C--Confidentiality                                                                             243

237........ Confidentiality ................................................................................ 243

Subdivision D--Financial matters                                                                        244

238........ Application of money .................................................................... 244

Part 13--Financial Reporting Panel                                                                          246

Division 1--General                                                                                                   246

239AA.. Financial Reporting Panel ............................................................... 246

239AB.. Membership ................................................................................... 246

239AC.. Chairperson .................................................................................... 246

239AD.. Functions and powers of Financial Reporting Panel ...................... 247

239AE... Term of office as member ............................................................... 247

239AF... Term of office as Chairperson ........................................................ 247

239AG.. Resignation ..................................................................................... 247

239AH.. Termination of appointment .......................................................... 247

239AI.... Remuneration and allowances ......................................................... 248

239AJ... Leave of absence ............................................................................. 248

239AK.. Other terms and conditions ............................................................ 248

239AL... Acting Chairperson ......................................................................... 248

239AM. Annual report ................................................................................. 249

Division 2--Conduct of Financial Reporting Panel's business           250

239BA.. Constitution of Financial Reporting Panel in relation to particular matters             250

239BB... Disclosure of interests by members ............................................... 251

239BC... Application of Division 2 of Part 7 ................................................ 252

Division 3--Financial Reporting Panel proceedings                                253

239CA.. Interpretation .................................................................................. 253

239CB... Power to conduct proceedings ........................................................ 253

239CC... Financial Reporting Panel proceedings ........................................... 253

239CD.. Financial Reporting Panel may restrict publication of certain material 255

239CE... Power to summon witnesses and take evidence ............................. 256

239CF... Quorum ........................................................................................... 257

239CG.. No legal representation in proceedings before the Financial Reporting Panel          257

239CH.. Procedure ........................................................................................ 258

239CI.... Protection of members etc. ............................................................. 258

239CJ.... Non‑compliance with requirements made under section 239CE .... 259

239CK.. Contempt of Financial Reporting Panel ......................................... 259

239CL... Powers of Court where non‑compliance with section 239CE ........ 259

Part 14--The Parliamentary Joint Committee on Corporations and Financial Services    260

241........ Membership ................................................................................... 260

242........ Powers and proceedings ................................................................. 261

243........ Duties ............................................................................................. 261

Part 15--Miscellaneous                                                                                                   262

243B..... Offences committed partly in and partly out of the jurisdiction ... 262

243D..... Financial transaction reports .......................................................... 262

243E...... Suspicious matters reports under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006         263

244........ Review by Administrative Appeals Tribunal of certain decisions . 263

244A..... Notice of reviewable decision and review rights ............................. 264

245........ Validity of certain actions ............................................................... 264

246........ Liability for damages ...................................................................... 265

247........ Duplicate seals ................................................................................ 266

248........ Judicial notice of ASIC's seal and members' signatures ................. 266

251........ The regulations ............................................................................... 267

Part 16--Transition from the old ASIC legislation                                           268

Division 1--Preliminary                                                                                           268

253........ Object of Part ................................................................................. 268

254........ Definitions ...................................................................................... 269

255........ Relationship of Part with State validation Acts ............................. 273

256........ References to things taken or deemed to be the case etc. ............... 274

257........ Existence of several versions of the old ASIC legislation does not result in this Part operating to take the same thing to be done several times under the new ASIC legislation etc. ............. 274

258........ Penalty units in respect of pre‑commencement conduct remain at $100                 275

259........ Ceasing to be a referring State does not affect previous operation of this Part        275

Division 2--Carrying over bodies established etc. or persons appointed under the old ASIC Act       276

260........ Division has effect subject to Division 7 regulations ..................... 276

261........ Carrying over bodies established under the old ASIC Act ............. 276

262........ Carrying over the Chairman and Deputy Chairman of the Financial Reporting Council         276

Division 3--Carrying over the old ASIC Regulations                             277

263........ Division has effect subject to Division 7 regulations ..................... 277

264........ Old ASIC Regulations continue to have effect ............................... 277

Division 4--Court proceedings and orders                                                   278

265........ Division has effect subject to Division 7 regulations ..................... 278

266........ Definitions ...................................................................................... 278

267........ Treatment of court proceedings under or related to the old ASIC legislation--proceedings other than federal ASIC proceedings ..................................................................................... 280

268........ Treatment of court proceedings under or related to the old ASIC legislation--federal ASIC proceedings              282

268A..... Appeals etc. in relation to some former federal corporations proceedings               283

268B..... Effect of decisions and orders made in federal corporations proceedings before commencement            284

269........ References to proceedings and orders in the new ASIC legislation 284

Division 5--Functions and powers of ASIC                                                  287

270........ Division has effect subject to Division 7 regulations ..................... 287

271........ Non‑federal proceedings etc. .......................................................... 287

272........ NCSC's functions and powers ....................................................... 288

Division 6--General transitional provisions relating to other things done etc. under the old ASIC legislation                                                                                               289

273........ Provisions in this Division have effect subject to the other Divisions 289

274........ Provisions of this Division may have an overlapping effect .......... 289

275........ Things done by etc. carried over provisions continue to have effect 290

276........ Creation of equivalent <