Victorian Consolidated Legislation

Corporations (Ancillary Provisions) Act 2001 - SECT 17

Conferral of functions on ASIC

17. Conferral of functions on ASIC



(1) Neither a declaratory provision nor an applied law operates to confer a
function on ASIC in relation to the applied law unless-

   (a)  the declaratory provision provides for ASIC to perform that function
        pursuant to an agreement or arrangement of the kind referred to in
        section 11(8) or (9A)(b) of the new ASIC Act; and

   (b)  ASIC is authorised to perform that function under section 11 of the
        new ASIC Act.

(2) If a declaratory provision operates to confer a function on ASIC in
relation to an applied law, the conferral of that function is taken not to
impose a duty to perform that function despite anything to the contrary in the
applied law.