Management and Investment Companies Act 1983
15Delegation
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15 Delegation
(1) The Board may, by resolution, either generally or as otherwise provided by the resolution, delegate to a member or an acting member all or any of its powers under this Act, other than this power of delegation and the powers: (a) to grant a licence under section 21; (b) to revoke a licence under section 23; (ba) to refuse to approve the surrender of a licence under section 23A; (c) to refuse to renew a licence under section 25; and (d) to certify a business entity that is a business entity to which not all of paragraphs 29(6)(a) to (e) (inclusive) apply as an eligible business entity under section 29. (2) A power so delegated, when exercised by the delegate, shall, for the purposes of this Act, be deemed to have been exercised by the Board. (3) A delegation of a power under this section: (a) may be revoked by a resolution of the Board (whether or not constituted by the persons constituting the Board at the time the power was delegated); (b) does not prevent the exercise of the power by the Board; and (c) continues in force notwithstanding a change in the membership of the Board. (4) Section 34A of the Acts Interpretation Act 1901 applies in relation to a delegation under this section as if the Board were a person. (5) A certificate signed by the Chairman or acting Chairman stating any matter with respect to a delegation of a power under this section is prima facie evidence of that matter. (6) A document purporting to be a certificate mentioned in subsection (5) shall, unless the contrary is established, be deemed to be such a certificate and to have been duly given.