(1) The Australian Competition and Consumer Commission is established by this section.

(1A) However, the Commission is taken, for the purposes of the finance law (within the meaning of the Public Governance, Performance and Accountability Act 2013):

(a) to be a non-corporate Commonwealth entity, and not to be a corporate Commonwealth entity; and

(b) to be a part of the Commonwealth; and

(c) not to be a body corporate.

(2) The Commission:

(a) is a body corporate, with perpetual succession;

(b) shall have an official seal;

(c) may acquire, hold and dispose of real and personal property; and

(d) may sue or be sued in its corporate name.

(3) Any real or personal property held by the Commission is held for and on behalf of the Commonwealth.

(4) Any money received by the Commission is received for and on behalf of the Commonwealth.

(5) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (3).

Inserted by Trade Practices Amendment Act 1977 (Act 81 of 1977)

Amended by Competition Policy Reform Act 1995 (Act 88 of 1995)

Amended by Financial Framework Legislation Amendment Act 2010 (Act 148 of 2010), Schedule 6, Part 1, Amendment 1

Inserted:

(3) Any real or personal property held by the Commission is held for and on behalf of the Commonwealth.

(4) Any money received by the Commission is received for and on behalf of the Commonwealth.

(5) To avoid doubt, a right to sue is taken not to be personal property for the purposes of subsection (3).

Amended by Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014 (Act 62 of 2014), section 111

Inserted:

(1A) However, the Commission is taken, for the purposes of the finance law (within the meaning of the Public Governance, Performance and Accountability Act 2013):

(a) to be a non-corporate Commonwealth entity, and not to be a corporate Commonwealth entity; and

(b) to be a part of the Commonwealth; and

(c) not to be a body corporate.

Forthcoming