Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 12 Statutory obligation to cooperate and formalising ASIC meeting procedures

Repeal the section, substitute:

107 Voting at meetings

(1) A question arising at a meeting is to be determined by a majority of the votes of the members present and voting.

(2) The person presiding at a meeting has:

(a) a deliberative vote; and

(b) if necessary, also a casting vote.

107A Conduct of meetings

(1) ASIC may regulate proceedings at its meetings as it considers appropriate.

(2) However, proceedings at a meeting must not be inconsistent with this Division.

Note 1: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings.

Note 2: Requirements relating to disclosure of interests are contained in Division 1 of Part 7 of this Act.

107B ASIC resolutions without meetings

A resolution is taken to have been passed at a meeting if:

(a) ASIC has determined:

(i) that resolutions may be passed in accordance with this section; and

(ii) the method of indicating agreement with a resolution passed in accordance with this section; and

(b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by ASIC; and

(d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution.