Document ID: chunk:federal_register_of_legislation:C2004A03591:body:0:p4
Version: federal_register_of_legislation:C2004A03591
Segment Type: other
Provision Reference: 
Character Range: 7967–10725

than such of those powers or functions, if any, as are specified by the Board.".
8. After section 12 of the Principal Act the following section is inserted:

Delegation by the Managing Director
"12a. (1) The Managing Director may, either generally or as otherwise provided by the instrument of delegation, by instrument in writing, delegate to an officer of the Corporation all or any of the Managing Director's powers or functions under this Act, other than this power of delegation.
"(2) A power or function so delegated, when exercised or performed by the delegate, shall for the purposes of this Act be deemed to have been exercised or performed by the Managing Director.
"(3) A delegation does not prevent the exercise of a power or performance of a function by the Managing Director.".

Membership of Board
9. Section 14 of the Principal Act is amended:
    (a) by omitting paragraph (2) (a) and substituting the following paragraph:
        "(a) shall be appointed for such period, not exceeding 5 years, as is specified in the instrument of appointment but is eligible for re-appointment; and"; and
    (b) by omitting subsection (4).

Vacation of office
10. Section 17 of the Principal Act is amended:
    (a) by omitting paragraph (1) (c);
    (b) by omitting from paragraph (1) (d) "Treasurer" and substituting "Board"; and
    (c) by inserting after subsection (1) the following subsections:
    "(1a) A member of the Board appointed under paragraph 14 (1) (d) may resign by delivering to the Governor-General a signed notice of resignation.
    "(1b) The Board may grant leave to a member of the Board appointed under paragraph 14 (1) (d) to be absent from a meeting of the Board upon such conditions (including conditions relating to remuneration) as the Board thinks fit.".

Meetings of Board
11. Section 19 of the Principal Act is amended:
    (a) by inserting after subsection (2) the following subsection:
    "(2a) Where both the Chairman and the Deputy Chairman are absent from a meeting of the Board, a member chosen by the other members present at the meeting shall preside.";
    (b) by omitting from subsection (3) ", of whom the Chairman or the Deputy Chairman shall be one,"; and
    (c) by adding at the end the following subsection:
    "(6) Where all members entitled to vote on a proposed resolution notify the Chairman in writing that they agree with the resolution, the resolution shall be taken to have been passed by the Board on the day on which the Chairman receives the last notification.".

Disclosure of pecuniary interests of members
12. Section 24 of the Principal Act is amended:
    (a) by inserting after subsection (3) the following subsection:
    "(3a) A member of the Board who has disclosed under this section