THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 2 - Securities Exchanges Guarantee Corporation

SECTION 927   MANAGEMENT SUB-COMMITTEE  

927(1)  (Board may appoint management sub-committee)  

The Board may, by resolution, appoint a management sub-committee of not fewer than 3 nor more than 5 persons, at least one of whom is a member of the Board.

927(2)  [Delegation of powers etc to sub-committee]  

The Board 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, section 944, and subsections 954(5), 954F(2), 954Q(2), 954Y(2), 959(3), 961E(3) and 969(3)).

927(3)  [Exercise of delegated powers etc]  

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.

927(4)  [Delegation may be varied or revoked]  

A delegation by the Board under this section may, at any time, by resolution of the Board, be varied or revoked.

927(5)  [Removal of member, filling of vacancy]  

The Board 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.

927(5A)  [Change in membership of Board or sub-committee]  

A delegation under this section continues in force even if there is a change in the membership of the Board or of the sub-committee.

927(6)  [Deemed exercise of powers etc]  

Any power, authority or discretion exercised under this section by, or by a majority of, a sub-committee shall be deemed to have been exercised by the Board.

927(7)  [Remuneration or expenses paid to member of sub-committee]  

Any remuneration or expenses paid to a member of a sub-committee appointed under this section shall be deemed to be expenses incurred in the administration of the Fund.