Document ID: chunk:federal_register_of_legislation:C2004A04777:section:5:p3
Version: federal_register_of_legislation:C2004A04777
Segment Type: section
Provision Reference: s 5 (pt 3/16)
Character Range: 53086–56091

incorporated, formed or established in this jurisdiction; and

      (ii) is included in the official list of a securities exchange; or".

29. Section 1301:

  After "corporation" (wherever occurring) insert "or financial institution".

30. Subsection 1302(7):

  Add at the end "or a financial institution".

31. Subsections 1306(3) and (4):

  After "corporation" (wherever occurring), insert "or financial institution".

                         SCHEDULE 4 Section 7

AMENDMENTS OF ASC ACT AND CORPORATIONS LAW
RELATING TO CORPORATIONS AND SECURITIES PANEL

PART 1—AMENDMENTS OF ASC ACT

1. Subsection 5(1) (definition of "witness"):

  Omit the definition, substitute:

" 'witness':

     (a) in relation to a hearing before the Commission, means a person appearing at the hearing to give evidence; or

     (b) in relation to an inquiry before the Panel, means a person appearing at the inquiry to give evidence;".

2. Subsection 184(4):

  (a) Omit "a hearing" (wherever occurring), substitute "an inquiry".

  (b) Omit "the hearing" (wherever occurring), substitute "the inquiry".

3. Paragraphs 185(1)(a) and (b):

  Omit the paragraphs, substitute:

     "(a) the member must disclose the interest to the President and to the parties involved in the matter; and

     (b) except with the President's consent, the member must not take part in the performance or exercise of the Panel's functions or powers in relation to the matter.".

4. After subsection 185(1):

  Insert:

"(1A) The President must not, under paragraph (1)(b), consent to a member taking part in the performance or exercise of the Panel's functions or powers in relation to a matter unless the President believes, on reasonable grounds, that the member's interest is immaterial or indirect and will not prevent the member from acting impartially in relation to the matter.".

5. Paragraphs 185(2)(a) and (b):

  Omit the paragraphs, substitute:

     "(a) the President must revoke the direction given under subsection 184(2) in relation to the matter unless the President believes, on reasonable grounds, that the member's interest is immaterial or indirect and will not prevent the member from acting impartially in relation to the matter; or

SCHEDULE 4—continued

     (b) if the President is not required to revoke that direction under paragraph (a), the President must cause the member's interest to be disclosed to the parties involved in the matter.".

6. Heading to Division 3 of Part 10:

  Omit "Hearings before", substitute "Inquiries by".

7. Subsection 187(1):

  Omit the subsection, substitute:

  "(1) In this Division:

'inquiry' means an inquiry held by the Panel and, in section 190, includes a part of such an inquiry.".

8. Sections 188 and 189:

  Repeal the sections, substitute:

Power to hold inquiries

"188.(1) The Panel may hold inquiries for the purposes of the performance or exercise of any of its functions and powers.

"(2) The President may convene an inquiry to be held at a place and time