Commonwealth Consolidated Acts

CORPORATIONS (REPEALS, CONSEQUENTIALS AND TRANSITIONALS) ACT 2001 - SECT 13

             (1)  Commonwealth authorities and officers:

                     (a)  have the transitional national scheme functions and powers; and

                     (b)  have the functions and powers conferred on them by virtue of the operation of Part 3 of this Act (special transitional arrangements for the ACT).

             (2)  A Commonwealth authority or officer:

                     (a)  is not subject to any directions in relation to the performance or exercise of a transitional national scheme function or power; and

                     (b)  is not under a duty to perform or exercise a transitional national scheme function or power.

             (3)  Subsection (2) does not apply to the Australian Securities and Investments Commission.

Note:          Subsection 271(2) of the Australian Securities and Investments Commission Act 2001 deals with the performance and exercise of transitional national scheme functions by ASIC.