Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 236C

Resignation

  (1)   A member of the AASB may resign their appointment by giving a written resignation to:

  (a)   if the member is the Chair of the AASB--the Minister; or

  (b)   in any other case--the Chair of the FRC.

Termination of Chair's appointment

  (2)   The Chair is not to be removed from office except as provided by subsection   (3) or (4).

  (3)   The Minister may terminate the appointment of the Chair of the AASB for:

  (a)   misbehaviour or physical or mental incapacity; or

  (b)   breach of the terms and conditions of their appointment.

  (4)   The Minister must terminate the appointment of the Chair of the AASB if the Chair:

  (a)   becomes bankrupt; or

  (b)   applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or

  (c)   compounds with their creditors; or

  (d)   makes an assignment of their remuneration or property for the benefit of their creditors; or

  (e)   contravenes section   237.

Termination of ordinary member's appointment

  (5)   A member of the AASB (other than the Chair) is not to be removed from office except as provided by subsection   (6) or (7).

  (6)   The FRC may terminate the appointment of a member of the AASB (other than the Chair) for:

  (a)   misbehaviour or physical or mental incapacity; or

  (b)   breach of the terms and conditions of the member's appointment.

  (7)   The FRC must terminate the appointment of a member of the AASB (other than the Chair) if the member:

  (a)   becomes bankrupt; or

  (b)   applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or

  (c)   compounds with their creditors; or

  (d)   makes an assignment of their remuneration or property for the benefit of their creditors; or

  (e)   contravenes section   237.