Victorian Consolidated Legislation

Companies (Administration) Act 1981 - SECT 11

Companies Auditors and Liquidators Disciplinary Board

11. Companies Auditors and Liquidators Disciplinary Board



(1) For the purposes of the Companies (Victoria) Code there shall be a
Companies Auditors and Liquidators Disciplinary Board, which shall perform the
functions and may exercise the powers conferred on it under Division 2 of Part
II of that Code.

(2) The Board shall consist of three persons appointed by the Governor in
Council of whom-

   (a)  one shall be an Australian lawyer (within the meaning of the
        Legal Profession Act 2004) of not less than five years' standing who
        shall be the chairman of the Board;

   (b)  one shall be selected from a panel of three names nominated by the
        State Council of the Institute of Chartered Accountants in Australia;
        and

   (c)  one shall be selected from a panel of three names nominated by the
        Council of the State Division of the Australian Society of
        Accountants.

(3) A member of the Board may, with the approval of the Minister, appoint a
person to be his deputy and the deputy shall hold office during the pleasure
of the Minister.

(4) A person appointed to be the deputy of the chairman of the Board shall be
an Australian lawyer (within the meaning of the Legal Profession Act 2004) of
not less than five years' standing.

(5) The deputy of a member of the Board shall be, in the event of the absence
of the member of whom he is the deputy from a meeting of the Board, entitled
to attend that meeting, and when so attending, shall be deemed to be a member
of the Board and, in the case of the deputy of the chairman of the Board,
shall be deemed to be the chairman of the Board.

(6) Any appointment of a deputy and any act done by him as such shall not be
questioned on the ground that the occasion for the exercise of his powers or
functions had not arisen or had ceased.

(7) Any two members of the Board shall have and may exercise all or any of the
powers or authorities of the Board.

(8) A member shall hold office for such time not exceeding three years as is
fixed by the terms of his appointment and shall be eligible for re-appointment
but a member shall cease to hold office-

   (a)  if, without leave of the Board, is absent from three consecutive
        meetings of the Board;

   (b)  if he becomes an insolvent under administration;



   (c)  if he is convicted of an offence involving fraud or dishonesty
        punishable on conviction by imprisonment for three months or more;

   (d)  if he becomes incapable by reason of mental infirmity of managing his
        affairs; or

   (e)  if he resigns or dies.

(9) Each member and the deputy of each member of the Board shall be entitled
to such remuneration as is prescribed.

(10) A person who, immediately before the commencement of this Act, was a
member of the Companies Auditors Board constituted under the Companies Act
1961 shall be deemed to be a member of the Companies Auditors and Liquidators
Disciplinary Board under this section and to have been appointed to hold
office for the period expiring on the date on which the time for which he was
appointed under the Companies Act 1961 would have expired.

(11) A person who, immediately before the commencement of this Act, was the
deputy of a member of the Companies Auditors Board constituted under the
Companies Act 1961 shall be deemed to be the deputy of that member of the
Companies Auditors and Liquidators Disciplinary Board under this Act.