Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p97
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 239204–242047

inserted:

Accounting Standards Review Board
"43a. For the purpose of the performance of the functions and the exercise of the powers of the Accounting Standards Review Board, the Commission shall provide to the Board such staff and facilities as are approved by the Ministerial Council.".

PART VII—AMENDMENTS OF SECURITIES INDUSTRY ACT 1980

Principal Act
140. The Securities Industry Act 19806 is in this Part referred to as the Principal Act.

Interpretation
141. Section 4 of the Principal Act is amended—
     (a) by omitting "the property or any part of the" from paragraph (b) of the definition of "officer" in sub-section (1); and
     (b) by inserting after sub-section (1a) the following sub-section:
     "(1b) For the purposes of this Act, a person shall not be regarded as a person in accordance with whose directions or instructions the directors of a body corporate are accustomed to act by reason only that the directors act on advice given by that person in the proper performance of the functions attaching to his professional capacity or to his business relationship with the directors or the body corporate.".

Power of Court to make certain orders
142. Section 14 of the Principal Act is amended—
     (a) by omitting from sub-section (1) ", without prejudice to any orders it would be entitled to make otherwise than pursuant to this section, make" and substituting "make such order or orders as it thinks fit, including, but without limiting the generality of the foregoing,"; and
     (b) by omitting sub-section (2) and substituting the following sub-section:
     "(2) The Court shall not make an order under sub-section (1) if it is satisfied that the order would unfairly prejudice any person.".

Conditions to which licence is subject
143. Section 51 of the Principal Act is amended by omitting from paragraph (2) (d) "$20,000" and substituting "the prescribed amount".

Further provisions relating to revocation and suspension of licences
144. Section 60 of the Principal Act is amended—
     (a) by omitting from paragraph (1) (a) "or" (last occurring); and
     (b) by inserting after paragraph (1) (b) the following word and paragraph:
          "; or (c) the application for a licence contained matter that was false in a material particular or materially misleading in the form

          or context in which it appeared, or there was an omission of material matter from the application for a licence,".

Deposits to be invested by stock exchange
145. Section 97 of the Principal Act is amended by omitting from sub-section (7) "Penalty: $5,000 or imprisonment for 1 year." and substituting "Penalty: $5,000 or imprisonment for 1 year, or both.".

Prohibition of dealings in securities by insiders
146. Section 128 of the Principal Act is amended—
     (a) by omitting from sub-section (6) "sub-section (7)"