226Establishment of the Australian Accounting Standards Board

#### 226 Establishment of the Australian Accounting Standards Board (1) An Australian Accounting Standards Board is established. > Note: Subsection 236B(3) specifies the qualifications needed for appointment to the Board. (2) The AASB: (a) is a body corporate with perpetual succession; and (b) must have a common seal; and (c) may acquire, hold and dispose of real and personal property; and (d) may sue and be sued in its corporate name. > Note: The Commonwealth Authorities and Companies Act 1997 applies to the AASB. This Act makes provision for reporting obligations (annual report, interim reports and estimates), accounting records, audit, banking, investment of funds and duties of officers. (3) All courts, judges and persons acting judicially must: (a) take judicial notice of the imprint of the common seal of the AASB appearing on a document; and (b) presume that the document was duly sealed.