Securities Amendment Act 2001

1: Title
1: This Act is the Securities Amendment Act 2001.
2: In this Act, the Securities Act 1978 the principal Act
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent. Amendments to principal Act
3: New
section 11 The principal Act is amended by repealing section 11
11: Membership of Commission
1: The Commission must consist of not less than 5, and not more than 10, members, of whom at least 1 must be a barrister or solicitor of at least 7 years' practice.
2: The members of the Commission must be appointed by the Governor-General on the recommendation of the Minister.
3: One member must be so appointed as Chairperson of the Commission.
4: No person may be recommended for appointment as a member of the Commission, unless, in the opinion of the Minister, the person is qualified for appointment, having regard to the functions and powers of the Commission, by virtue of the person's knowledge of, or experience in, industry, commerce, economics, law, accountancy, public administration, or securities.
4: Provisions relating to certain proceedings before Commission
Section 19 subsection (2)
2: At least 1 person who is a barrister or solicitor of the High Court of not less than 7 years' practice must attend at every meeting of the Commission for the purposes of section 44(1)(b), 44B(2), or section 69
5: References to chairperson, etc
The principal Act and the Securities Amendment Act 1988
a: omitting the word Chairman Chairperson
b: omitting the word Chairman's Chairperson's
c: inserting, after the word he or she or she
d: inserting, after the word his or her or her
e: inserting, after the word him or her or her
f: inserting, after the word himself or herself Amendments to Securities Amendment Act 1988
6: Amendments to Securities Amendment Act 1988
1: Section 8(3) Securities Amendment Act 1988 ; and paragraph (b)
c: every individual who had the information and every individual who took part in the decision to buy or sell the securities acted in accordance with the arrangements referred to in paragraph (a)
2: Section 10 Securities Amendment Act 1988 ; and paragraph (b)
c: every individual who had the information and every individual who took part in the decision to buy or sell the securities acted in accordance with the arrangements referred to in paragraph (a)
3: Section 12(2) Securities Amendment Act 1988 ; and paragraph (b)
c: every individual who had the information and every individual who took part in the decision to buy or sell the securities acted in accordance with the arrangements referred to in paragraph (a)
4: Section 14 Securities Amendment Act 1988 ; and paragraph (b)
c: every individual who had the information and every individual who took part in the decision to buy or sell the securities acted in accordance with the arrangements referred to in paragraph (a)
5: Sections 17 18 19(2)(a) 28(1) 29(1) Securities Amendment Act 1988 member holder of securities
6: Section 17 Securities Amendment Act 1988 subsection (4)
4A: Any confidential communications between the solicitor or barrister and any other person for the purposes of establishing whether the public issuer has a cause of action against the insider, are protected by absolute privilege.