You don't need the stamp of ASIC to operate. You only need to have it to be protected under the Corporations law. Until then you are in some other jurisdiction operation in a process approved by the members. When you start up a completely new company you can do whatever you like but you can't pretend things like limited liability til you are given that status by the government. The election process was a directive to RAA by its members and was carried through into the registration process of RAA LTD. I'm not sure that ASIC actually gives a damn. In most, except the most political and egregious, cases it is up to those aggrieved to fund their own actions against corporations (who, if they can, will continue bad behaviours right up to the high Court). In Australia we tend to have Courts of the deepest pockets.