Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 901

901. (1) The board of a securities exchange may, by resolution, appoint a
management sub-committee of not fewer than 3 nor more than 5 members of the
securities exchange, at least one of whom is also a member of the board.

(2) The board may, by resolution, delegate to a sub-committee all or any of
its powers, authorities and discretions under a provision of this Part (other
than this section, section 904, subsection 907 (8), (10) or (11) or section 
909). 

(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 under this section may at any time, by resolution of the
board, be varied or revoked.

(5) The board may at any time, by resolution, remove a member of a
sub-committee and may, by resolution, fill a vacancy arising in the membership
of the sub-committee.

(6) A management sub-committee appointed by the board of a securities exchange
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 board of the securities exchange on that commencement under
this section.

(7) If the board of a securities exchange referred to in subsection (6) 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.