Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p207
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 207/212)
Character Range: 537442–540382

qualified for appointment as members of the Panel by virtue of their knowledge of, or experience in, one or more of the following fields, namely, business, the administration of companies, the financial markets, law, economics and accounting; and

     (b) ought to be considered for appointment as members of the Panel.

"(4b) In nominating persons as members of the Panel, the Minister must ensure so far as practicable that, at any time, at least one member of the Panel is a person whose name has been given to the Minister under subsection (4a).".

Section 173:

  Omit "full-time".

Section 174:

  Repeal the section, substitute:

Functions and powers of Panel

"174. The Panel has the functions and powers conferred on it by or under a national scheme law of this or any other jurisdiction.".

Section 184:

  Add at the end:

  "(5) In this section:

'functions or powers' means functions or powers of the Panel under a national scheme law of this jurisdiction.".

Section 185:

  Add at the end:

  "(3) In this section:

'functions or powers' means functions or powers of the Panel under a national scheme law of this jurisdiction.".

SCHEDULE 7—continued

Subsection 196 (2):

  Omit the subsection.

Subsection 197 (3):

  Omit "Act", substitute "Law".

Section 204:

  Repeal the section, substitute:

Functions and powers of Disciplinary Board

"204. The Disciplinary Board has the functions and powers conferred on it by or under a national scheme law of this or any other jurisdiction.".

Subsection 213 (1):

Add at the end "in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction".

Paragraph 213 (2) (a):

Omit "a State or Territory", substitute "this or any other jurisdiction".

Subsection 221 (3):

  Omit "Act", substitute "Law".

Heading to Part 12:

  Omit the heading, substitute:

"PART 12—AUSTRALIAN ACCOUNTING STANDARDS
BOARD".

Section 224:

  Repeal the section, substitute:

Establishment of Standards Board

  "224. An Australian Accounting Standards Board is established.".

Subsection 225 (1), sections 226, 231 and 233 and subsection 234 (1):

  Omit "Review" (wherever occurring), substitute "Standards".

Subsection 226 (2):

  Omit "necesssary", substitute "necessary".

SCHEDULE 7—continued

Section 226:

  Add at the end:

"(4) In performing its functions, the Standards Board must have regard to the implications of any recommendations made by it for the operation of the laws of the jurisdictions other than the Capital Territory.

  "(5) In this section:

'national scheme law' means a national scheme law of the Capital Territory.".

Paragraph 233 (2) (a):

Omit "a State or Territory", substitute "this or any other jurisdiction".

Part 13:

  Repeal the Part.

Before section 244:

  Insert in Part 15:

Offences under 2 or more ASC Laws

  "243a. Where:

     (a) an act or omission constitutes an offence