Companies Auditors and Liquidators Disciplinary Board Act 1982

Companies Auditors and Liquidators Disciplinary Board Act 1982

This Act may be cited as the Companies Auditors and Liquidators Disciplinary Board Act 1982.

This Act shall commence on the same day as that fixed under section 2 (2) of the Companies (Application of Laws) Act 1982.

In this Act, except in so far as the context or subject-matter otherwise indicates or requires –

Board means the Companies Auditors and Liquidators Disciplinary Board constituted by section 4;

the Code means the Companies (Tasmania) Code;

the regulations means regulations made and in force under this Act.

There is constituted by this Act a board to be known as the "Companies Auditors and Liquidators Disciplinary Board".

The Board shall consist of 3 members, of whom – one shall be an Australian lawyer who has practised as an Australian legal practitioner for not less than 5 years; subject to subsection (3), one shall be selected from a panel of 3 persons nominated by the Tasmanian State Council of the Institute of Chartered Accountants in Australia; and subject to subsection (3), one shall be selected from a panel of 3 persons nominated by the Tasmanian Division of the Australian Society of Accountants.

If, after being requested to do so by the Minister, the Tasmanian State Council of the Institute of Chartered Accountants in Australia or the Tasmanian Division of the Australian Society of Accountants fails to nominate a panel of persons in accordance with subsection (2) within such period as may be specified in the request, the Minister may make the nomination in its place.

The members of the Board shall be appointed by the Governor.

The member referred to in subsection (2)(a) shall be the Chairman of the Board.

Schedule 1 has effect with respect to the Board.

The Governor may appoint a person to be a deputy of any member of the Board.

A person who is appointed to be the deputy of the Chairman of the Board shall be an Australian lawyer who has practised as an Australian legal practitioner for not less than 5 years.

A person who is appointed to be the deputy of a member of the Board referred to in section 4(2)(b) or (c) shall be selected from a panel of 3 persons nominated by the body which nominated that member.

If, after being requested to do so by the Minister, the Tasmanian State Council of the Institute of Chartered Accountants in Australia or the Tasmanian Division of the Australian Society of Accountants fails to nominate a panel of persons in accordance with subsection (3) within such period as may be specified in the request, the Minister may make the nomination in its place.

In the absence of a member of the Board, or if the office of a member of the Board is vacant, the deputy for that member is entitled to attend the proceedings of the Board in the place of that member, and, while so attending, shall be deemed to be a member of the Board.

The Board has the powers that are conferred on the Companies Auditors and Liquidators Disciplinary Board by Subdivision B of Division 2 of Part II of the Code.

The Board may, with the approval of the Secretary of the Department appoint a State Service officer or a State Service employee employed in that Department to be Secretary to the Board, and that employee may hold that office in conjunction with State Service employment.

The Secretary to the Board shall perform such functions as may be prescribed in the regulations or as the Board may direct.

The Board shall pay to the Public Account such sum as may be determined by the Treasurer for the service of a State Service officer or State Service employee, appointed under subsection (1), and the Treasurer may reimburse that sum to the Agency in which the employee is employed.

Schedule 2 has effect with respect to the procedure to be followed by the Board when dealing with a matter arising before it under the Code.

The Governor may make regulations for the purposes of this Act.

A person who, immediately before the commencement of this Act, was a member of the Companies Auditors Board constituted under the Companies Act 1962 shall be deemed to be a member of the Companies Auditors and Liquidators Disciplinary Board constituted by this Act and to have been appointed to hold office for the period expiring on the date on which the period for which he was appointed under the Companies Act 1962 would have expired.

A person who, immediately before the commencement of this Act, was the deputy of a member of the Companies Auditors Board constituted under the Companies Act 1962 shall be deemed to be the deputy of that member of the Companies Auditors and Liquidators Disciplinary Board constituted under this Act and to have been appointed to hold office for the period expiring on the date on which the period for which that member was appointed under the Companies Act 1962 would have expired.

Notwithstanding the repeal of the Companies Act 1962 by the Companies (Application of Laws) Act 1982, the Companies Auditors Board established by the Companies Act 1962 continues in existence for such period as is necessary for that Board to complete any proceedings or business that it had commenced but not completed before the repeal of the Companies Act 1962, and that Board has, for the purposes of completing that proceeding or business, all the powers that it would have had if that Act had not been repealed.