Commonwealth Consolidated Acts

CORPORATIONS (REPEALS, CONSEQUENTIALS AND TRANSITIONALS) ACT 2001 - SECT 13

  (1)   Commonwealth authorities and officers:

  (a)   have the transitional national scheme functions and powers; and

  (b)   have the functions and powers conferred on them by virtue of the operation of Part   3 of this Act (special transitional arrangements for the ACT).

  (2)   A Commonwealth authority or officer:

  (a)   is not subject to any directions in relation to the performance or exercise of a transitional national scheme function or power; and

  (b)   is not under a duty to perform or exercise a transitional national scheme function or power.

  (3)   Subsection   (2) does not apply to the Australian Securities and Investments Commission.

Note:   Subsection 271(2) of the Australian Securities and Investments Commission Act 2001 deals with the performance and exercise of transitional national scheme functions by ASIC.