Commonwealth Numbered Acts

AUSTRALIAN SECURITIES COMMISSION ACT 1989 No. 90 of 1989 - SECT 9

9. (1) The Commission shall consist of not fewer than 3 nor more than 8
members.

(2) The Governor-General shall appoint the members on the nomination of the
Minister.

(3) At least 3 of the members shall be appointed as full-time members and each
of the remaining members (if any) may be appointed as a full-time member or as
a part-time member.

(4) The Minister shall nominate 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,
business, the administration of companies, the financial markets, law,
economics and accounting.

(5) The performance of the functions or the exercise of the powers of the
Commission is not affected by reason only that the number of members, or the
number of full-time members, is less than 3 unless a continuous period of 3
months has elapsed since the number of members, or the number of full-time
members, as the case may be, fell below 3.

(6) For the purposes of subsection (5), an acting member shall be deemed to be
a member.