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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12AD

Application of Division to Commonwealth and Commonwealth authorities

             (1)  Subject to this section, this Division binds the Crown in right of the Commonwealth in so far as the Crown in right of the Commonwealth carries on a business, either directly or by an authority of the Commonwealth.

             (3)  Nothing in this Division makes the Crown in right of the Commonwealth liable to a pecuniary penalty or to be prosecuted for an offence.

             (4)  The protection in subsection (3) does not apply to an authority of the Commonwealth.

             (5)  For the purposes of this section, the following transactions do not amount to carrying on a business:

                     (a)  a transaction involving only persons who are all acting for the Crown in right of the Commonwealth (and none of whom is an authority of the Commonwealth);

                     (b)  a transaction involving only persons who are all acting for the same authority of the Commonwealth;

                     (c)  a transaction involving only the Crown in right of the Commonwealth and one or more non-commercial authorities of the Commonwealth;

                     (d)  a transaction involving only non-commercial authorities of the Commonwealth.

             (6)  Subsection (5) does not limit the things that do not amount to carrying on a business for the purposes of this section.

             (7)  For the purposes of this section, an authority of the Commonwealth is non-commercial if:

                     (a)  it is constituted by only one person; and

                     (b)  it is neither a trading corporation nor a financial corporation.



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