sec.25ASIC has certain functions and powers

sec.25 ASIC has certain functions and powers

The Minister, or a person authorised in writing by the Minister, may enter into an agreement or arrangement with ASIC for the performance of functions or the exercise of powers by ASIC as an agent of the State, even if those functions or powers are or may be conferred on another person or body by or under a law of the State. An agreement or arrangement of a kind mentioned in subsection (1) has effect by force of this section despite any provision of a law of the State with respect to any function or power that is the subject of the agreement or arrangement. Section 11 (9) of the Australian Securities and Investments Commission Act 2001 (Cwlth) provides that ASIC has, but is not under a duty to perform, the functions and powers that are the subject of the agreement or arrangement with the State. (sec.25-ssec.1) The Minister, or a person authorised in writing by the Minister, may enter into an agreement or arrangement with ASIC for the performance of functions or the exercise of powers by ASIC as an agent of the State, even if those functions or powers are or may be conferred on another person or body by or under a law of the State. (sec.25-ssec.2) An agreement or arrangement of a kind mentioned in subsection (1) has effect by force of this section despite any provision of a law of the State with respect to any function or power that is the subject of the agreement or arrangement. Section 11 (9) of the Australian Securities and Investments Commission Act 2001 (Cwlth) provides that ASIC has, but is not under a duty to perform, the functions and powers that are the subject of the agreement or arrangement with the State.