Commonwealth Numbered Acts

NATIONAL COMPANIES AND SECURITIES COMMISSION AMENDMENT ACT 1988 No. 136, 1988 - SECT 3

3. (1) Section 21 of the Principal Act is amended:

   (a)  by omitting subsection (1) and substituting the following subsections:

"(1) The Commission may, by resolution, direct that its functions or powers in
relation to:

   (a)  a matter;

   (b)  any matter of a particular kind; or

   (c)  a class of matters;
shall be performed or exercised by a Division of the Commission constituted by
at least 2 specified members.

"(1AA) Where:

   (a)  before the commencement of this subsection, the Commission directed
        that its functions or powers in relation to:

        (i)    any matter of a particular kind; or

        (ii)   a class of matters;
be performed or exercised by a Division of the Commission; and

   (b)  the direction was not a valid direction under subsection (1) but would
        have been such a direction if that subsection, as in force immediately
        after that commencement, had been in force when the direction was
        given;
the direction shall be deemed always to have been such a direction, and this
section as so in force shall be deemed to have had effect in relation to the
direction at all times after it was given and before that commencement.

"(1AB) Where, before the commencement of subsection (1AA), the validity of a
direction had been called in question, in proceedings (whenever begun) in a
federal court or a court of a State or Territory, on the ground that the
direction did not specify a matter, that subsection does not apply in relation
to the direction for the purposes of the proceedings unless the court holds
that it is just and equitable for the direction to be treated as valid.";
(b) by omitting from subsection (2) all the words from and including "at any
time" to and including "to the matter,";
(c) by omitting from subsection (2) "complete the determination of the matter"
and substituting "perform functions, and exercise powers, in relation to a
matter in relation to which the Division as constituted before the change had
begun but not yet completed the performance of functions or the exercise of
powers";

   (d)  by inserting in subsection (4) ", a matter of a kind specified, or a
matter in a class specified," before "in a direction".

(2) The amendments made by subsection (1) are for the avoidance of doubt only
and shall not be taken to affect by implication the interpretation of section
21 of the Principal Act.