7Conferral of functions and powers on ASIC

7 Conferral of functions and powers on ASIC

(1)  ASIC has the functions and powers conferred or expressed to be conferred on it by or under this Act.

(2)  ASIC has power to do acts in Tasmania in the performance or exercise of a function or power conferred or expressed to be conferred on ASIC by or under a law of another jurisdiction corresponding to this Act.

(3)  [Section 7 Subsection (3) inserted by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] Without limiting section 3 of the Acts Interpretation Act 1931 , this section does not purport to impose a duty on ASIC to perform any functions or exercise any powers conferred or expressed to be conferred on it by or under this Act if the imposition of the duty would be beyond the legislative power of the Parliament of the State.