Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC is to consist of not fewer than 3 nor more than 8 members.
(2) The Governor - General appoints the members on the nomination of the Minister.
(3) At least 3 of the members must be appointed as full - time members and each of the remaining members (if any) may be appointed as a full - time member or as a part - time member.
(4) The Minister is to nominate a person as a member 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, namely:
(a) business;
(b) administration of companies;
(c) financial markets;
(d) financial products and financial services;
(e) law;
(f) economics;
(g) accounting.
(5) The performance of ASIC's functions or the exercise of ASIC's powers is not affected by reason only that the number of members, or the number of full - time members, is less than 3 unless a continuous period of 3 months has elapsed since the number of members, or the number of full - time members, as the case may be, fell below 3.
(6) For the purposes of subsection (5), an acting member is taken to be a member.