THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.6 - FIDELITY FUNDS

SECTION 1233   MANAGEMENT SUB-COMMITTEE  

1233(1)  [Board may appoint management sub-committee]  

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.

1233(2)  [Delegation of powers etc]  

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).

1233(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.

1233(4)  [Variation or revocation of delegation]  

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.

1233(5)  [Removal of member, filling of vacancy]  

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.

1233(6)  [Effect of delegation on board's powers etc]  

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.

1233(7)  [Transitional - appointment]  

A management sub-committee appointed by a futures organisation before the commencement of this Part under a corresponding previous 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.

1233(8)  [Transitional - delegation]  

If the board of a futures organisation referred to in subsection (7) had before the commencement of this Part delegated to a management subcommittee referred to in that subsection any powers, authorities or discretions under the corresponding previous 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.