Commonwealth Consolidated Acts Commonwealth Consolidated ActsASIC may destroy or otherwise dispose of any document that is lodged with ASIC under this Act or the Transitional Act, or otherwise given to ASIC under this Act or the Transitional Act, if:
(a) ASIC considers that it is no longer necessary or desirable to retain it; and
(b) either of the following apply:
(i) it has been in ASIC's possession for the period prescribed by the regulations;
(ii) an electronic copy of the document is retained by ASIC.