Document ID: chunk:federal_register_of_legislation:C2007A00074:clause:1_7
Version: federal_register_of_legislation:C2007A00074
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 3628–4615

7  At the end of section 8
Add:

 (2) ASIC may enter into contracts in its own right.

Note: The Chairperson of ASIC may also enter into contracts on behalf of the Commonwealth. See section 44 of the Financial Management and Accountability Act 1997.

 (3) Any real or personal property held by ASIC is held for and on behalf of the Commonwealth.

 (4) Any money received by ASIC is received for and on behalf of the Commonwealth.

 (5) ASIC cannot hold real or personal property or money on trust.

Note: Any real or personal property or money that ASIC would otherwise hold on trust is held by the Commonwealth on trust.

 (6) Despite any rule of equity, ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to any real or personal property or money held on trust by the Commonwealth.

 (7) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (3).