Commonwealth Numbered Acts

CORPORATIONS LEGISLATION AMENDMENT ACT 1991 No. 110 of 1991 - SECT 15

15. (1) As soon as practicable after the commencement of this section, the
Commission must:

   (a)  prepare a report of the operations of the NCSC during the period of 6
        months ending on 31 December 1990, together with financial statements
        in respect of that period in such form as the Minister approves; and

   (b)  submit the financial statements to the Auditor-General.

(2) The Auditor-General must report to the Minister:

   (a)  whether, in his or her opinion, the statements are based on proper
        accounts and records; and

   (b)  whether the statements are in agreement with the accounts and records;
        and

   (c)  whether, in his or her opinion, the receipt, expenditure and
        investment of money, and the acquisition and disposal of assets, by
        the NCSC during that period have been in accordance with the NCSC Act
        and this Part; and

   (d)  as to such other matters arising out of the statements as the
        Auditor-General considers should be reported to the Minister.

(3) The Auditor-General must send to the Commission a report under subsection
(2) and the Commission must, as soon as practicable after receiving the
report:

   (a)  submit its report and financial statements, together with the report
        of the Auditor-General, to the Minister; and

   (b)  submit to each State Minister a copy of its report and financial
        statements, together with a copy of the report of the Auditor-General.

(4) The Minister must cause copies of the report and financial statements,
together with a copy of the report of the Auditor-General, to be laid before
each House of the Parliament within 15 sitting days of that House after their
receipt by the Minister.

(5) The Commission may, in discharging its obligations under this section,
rely on accounts and records of the NCSC that are in the possession of the
Commission or to which the Commission has access and on any other information
provided to the Commission by any person who held an office in, or was
employed by, the NCSC.

(6) The Auditor-General may, in discharging his or her obligations under this
section, rely on accounts and records of the NCSC that are in the possession
of the Commission or to which the Commission has access and on any other
information provided to the Commission by any person who held an office in, or
was employed by, the NCSC.

(7) As soon as practicable, and in any event within 3 months, after 30 June
1991, the Commission must prepare a report of the operations of the NCSC
during the period of 6 months ending on that day, together with financial
statements in respect of that period in such form as the Minister approves.

(8) If the NCSC Act has not been repealed by 1 July 1991, the Commission must,
within 3 months after the repeal of that Act, prepare a report of the
operations of the NCSC during the period starting on 1 July 1991 and ending on
the repeal of the NCSC Act, together with financial statements in respect of
that period in such form as the Minister approves.

(9) A report and financial statements prepared under subsection (7) or (8)
must be dealt with in accordance with this section as if they had been
prepared under paragraph (1) (a).

(10) In this section:

"Commission" means the Australian Securities Commission;

"NCSC" means the National Companies and Securities Commission;

"NCSC Act" means the National Companies and Securities Commission Act 1979;

"operations of the NCSC" includes matters relating to the preparations for the
repeal of the NCSC Act or to the disposal of the NCSC"s assets and
liabilities; "State Minister" means a person who, for the purposes of the
Corporations Law of a jurisdiction, is the Minister for that jurisdiction.