Document ID: chunk:federal_register_of_legislation:C2004A03231:schedule:1:p1
Version: federal_register_of_legislation:C2004A03231
Segment Type: schedule
Provision Reference: sch 1 (pt 1/23)
Character Range: 220740–223523

Schedule 1
153. Schedule 1 to the Principal Act is amended by omitting "A" from the amendment of paragraph 238 (7) (c) of the Companies Act 1981 and substituting "a".

PART VI—AMENDMENTS OF NATIONAL COMPANIES AND SECURITIES COMMISSION ACT 1979

Principal Act
154. The National Companies and Securities Commission Act 19795 is in this Part referred to as the Principal Act.

Interpretation
155. Section 3 of the Principal Act is amended—
     (a) by omitting from sub-section (1) the definition of "investment contract";
     (b) by omitting from sub-section (1) the definitions of "prescribed interest" and "securities" and substituting the following definitions:
         "'prescribed interest' means a prescribed interest within the meaning of the Companies Act 1981 or of the provisions of a law of a participating State or participating Territory that correspond with that Act;
         'securities' has the same meaning as that expression has in the Securities Industry Act 1980;"; and
     (c) by omitting sub-section (2).

Membership of Commission
156. Section 11 of the Principal Act is amended by omitting from sub-section (1) "5" and substituting "8".

Acting appointments
157. Section 17 of the Principal Act is amended by omitting from paragraphs (3) (a) and (b) "5" and substituting "8".

Meetings of Commission
158. Section 20 of the Principal Act is amended—
     (a) by inserting after sub-section (3) the following sub-sections:

    "(3a) If all the members of the Commission who are neither absent from duty nor absent from Australia so agree, a meeting, or a part of a meeting, of the Commission may be held by means of any of, or by means of a combination of any 2 or more of, the following methods of communication:
         (a) telephone;
         (b) closed-circuit television;
         (c) a method or methods of communication approved by the Commission for the purposes of that meeting.
    "(3b) All the members of the Commission who take part in a meeting held as mentioned in sub-section (3a) shall be deemed, for the purposes of this section, to have been present at the meeting, notwithstanding that they were not all present at the same place at the time when the meeting was so held."; and
         (b) by adding at the end of sub-section (7) "at the meeting".

Divisions of Commission
159. Section 21 of the Principal Act is amended by inserting after sub-section (4) the following sub-sections:
"(4a) If all the full-time members of the Commission who are—
     (a) members of a particular Division; and
     (b) neither absent from duty nor absent from Australia,
so agree, a meeting, or a part of a meeting, of that Division may be held by means of any of, or by means of a combination of any 2 or more of, the following methods of communication: