Australian Capital Territory Numbered Acts

CO-OPERATIVES NATIONAL LAW (ACT) ACT 2017 (NO. 8 OF 2017) - SECT 27

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

        (a)     the declaratory provision provides for ASIC to exercise that function pursuant to an agreement or arrangement of the kind referred to in the Australian Securities and Investments Commission Act 2001

(Cwlth), section 11 (8) or (9A) (b) (Corporations legislation functions and powers and other functions and powers); and

        (b)     ASIC is authorised to exercise that function under the Australian Securities and Investments Commission Act 2001

(Cwlth), section 11.

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