Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1233

1233. (1) The board of a futures organisation may, by resolution, appoint a
management sub-committee of not fewer than 3 and not more than 5 persons, at
least one of whom is also a member of the board.

(2) The board of a futures organisation may, by resolution, delegate to a
sub-committee appointed by it under this section all or any of its powers,
authorities and discretions under a provision of this Part (other than this
section).

(3) A power, authority or discretion delegated under subsection (2) may be
exercised by members forming a majority of the sub-committee as if that power,
authority or discretion had been conferred by this Part on a majority of the
members of the sub-committee.

(4) A delegation by the board of a futures organisation under this section may
at any time, by resolution of the board, be varied or revoked.

(5) The board of a futures organisation may at any time, by resolution, remove
a member of a sub-committee appointed by it under this section and may, by
resolution, fill a vacancy arising in the membership of the sub-committee.

(6) A delegation by the board of a futures organisation under this section
does not prevent the exercise of a power, authority or discretion by that
board.

(7) A management sub-committee appointed by a futures organisation before the
commencement of this Part under a corresponding law and in existence
immediately before that commencement shall be deemed to have been appointed by
the futures organisation on that commencement under this section.

(8) If the board of a futures organisation referred to in subsection (7) had
before the commencement of this Part delegated to a management sub-committee
referred to in that subsection any powers, authorities or discretions under
the corresponding law so referred to and had not revoked the delegation before
that commencement, the board shall be deemed to have, on that commencement,
delegated to the management sub-committee its corresponding powers,
authorities and discretions under this Part.