8ASIC is a body corporate

#### 8 ASIC is a body corporate (1) ASIC: (a) is a body corporate, with perpetual succession; and (b) has a common seal; and (c) may, subject to subsection (5), acquire, hold and dispose of real and personal property; and (ca) may enter into contracts; and (d) may sue and be sued in its corporate name. > Note: ASIC was established by section 7 of the Australian Securities and Investments Commission Act 1989 and is continued in existence by section 261 of this Act. (1A) However, ASIC is taken, for the purposes of the finance law (within the meaning of the Public Governance, Performance and Accountability Act 2013): (a) to be a non‑corporate Commonwealth entity, and not to be a corporate Commonwealth entity; and (b) to be a part of the Commonwealth; and (c) not to be a body corporate. (2) ASIC may enter into contracts in its own right. (3) Any real or personal property held by ASIC is held for and on behalf of the Commonwealth. (4) Any money received by ASIC is received for and on behalf of the Commonwealth. (5) ASIC cannot hold real or personal property or money on trust. > Note: Any real or personal property or money that ASIC would otherwise hold on trust is held by the Commonwealth on trust. (6) Despite any rule of equity, ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to any real or personal property or money held on trust by the Commonwealth. (7) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (3).