Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 147

             (1)  CAMAC consists of the following members, namely, the Chairperson of ASIC and such other members as hold office in accordance with this Part.

             (2)  The members (other than the Chairperson of ASIC) are to be appointed by the Minister on a part‑time basis.

             (3)  The Minister must, by writing, appoint a member (other than the Chairperson of ASIC) as the Convenor of CAMAC.

             (4)  The Minister must appoint a person as a member only if the Minister is satisfied that the person is qualified for appointment by virtue of his or her knowledge of, or experience in, one or more of the following fields, namely:

                     (a)  business;

                     (b)  administration of companies;

                     (c)  financial markets;

                     (d)  financial products and financial services;

                     (e)  law;

                      (f)  economics;

                     (g)  accounting.

             (5)  In appointing the members:

                     (a)  the Minister must have regard to the desirability of the views of business communities in this jurisdiction being adequately represented among the members; and

                     (b)  the Minister must ensure so far as practicable that at any time there is at least one member of CAMAC from each State in this jurisdiction and the Northern Territory.

             (6)  For the purposes of subsection (5), a member is from a particular State or Territory if he or she is a resident of that State or Territory.