Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Act 2009
7ASIC has certain functions and powers
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7 ASIC has certain functions and powers
(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.
(2) An agreement or arrangement of a kind referred to in subsection (1) has effect by force of this section despite any provision of a law of the State in respect of any function or power that is the subject of the agreement or arrangement.