THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 2 - Securities Exchanges Guarantee Corporation

SECTION 927A   SUB-DELEGATION BY MANAGEMENT SUB-COMMITTEE  

927A(1)  [Management sub-committee may sub-delegate to certain persons]  

A management sub-committee may delegate to:

(a)  a member of the Board; or

(b)  a member of the sub-committee; or

(c)  an officer of SEGC;

all or any of the powers, authorities and discretions that have been delegated under subsection 927(2) to the sub-committee.

927A(2)  [Sub-delegation must be in writing]  

A delegation must be in writing signed by a majority of the members of the sub-committee.

927A(3)  [Variation or revocation]  

A delegation may be varied or revoked at any time by writing signed by a majority of the members of the sub-committee.

927A(4)  [Change in membership of sub-committee]  

A delegation continues in force even if there is a change in the membership of the sub-committee.

927A(5)  [Effect of exercise of power, discretion or authority]  

A power, authority or discretion performed or exercised by a person under a delegation is taken to have been exercised by the Board.

927A(6)  [Effect of sub-delegation on powers of Board or sub-committee]  

A delegation of a power, authority or discretion does not prevent the performance or exercise of the power, authority or discretion by the Board or by the sub-committee that made the delegation.

927A(7)  [Effect on sec 109ZE]  

Section 109ZE has effect in relation to a delegation subject to this section.

927A(8)  [Definitions]  

In this section:

``delegation'' means a delegation under this section;

``management sub-committee'' means a management sub-committee appointed under subsection 927(1).