Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 50 - Committees under this Part  

CLAUSE 50-10   MINISTER APPOINTING A PERSON TO A COMMITTEE  
Application of this section

50-10(1)    
This section applies if the Minister is to appoint a person to a committee under any of the following paragraphs:

(a) paragraph 20-10(2)(c) ;

(b) paragraph 20-45(2)(c) ;

(c) paragraph 40-45(2)(c) ;

(d) paragraph 40-75(2)(c) .

Matters of which the Minister must be satisfied before appointing

50-10(2)    
The Minister is to appoint a person as a member of the committee only if the Minister is satisfied that the person is qualified for appointment by virtue of his or her knowledge of, or experience in, one or more of the following fields:

(a) business;

(b) law, including the law relating to corporate insolvency;

(c) economics;

(d) accounting;

(e) public policy relating to corporate insolvency;

(f) administration of companies, including insolvent companies.

Minister must not appoint member or staff member of ASIC

50-10(3)    
The Minister must not appoint:

(a) a member of ASIC (within the meaning of section 9 of the Australian Securities and Investments Commission Act 2001 ); or

(b) a staff member of ASIC;

to be a member of the committee.

Delegation of power to appoint

50-10(4)    
The Minister may, in writing, delegate the Minister ' s powers to appoint a person to a committee to:

(a) ASIC; or

(b) a member of ASIC (within the meaning of section 9 of the Australian Securities and Investments Commission Act 2001 ); or

(c) a staff member of ASIC who is a senior staff member (within the meaning given by subsection 5(1) of that Act).

50-10(5)    
In exercising powers under a delegation, the delegate must comply with any directions of the Minister.