Financial Management Act 1996

A relevant territory authority must not do any of the following without the Treasurer’s prior written approval:

subscribe for, or purchase, shares in or debentures or other securities of, a corporation;

form, or take part in the formation of, a corporation.

An approval under subsection (1)—

must relate only to a particular corporation or proposed corporation; and

may be given subject to the conditions or restrictions stated in the approval.

If a relevant territory authority does something mentioned in subsection (1), the authority must tell the responsible Minister within 2 weeks after the day the authority does the thing.

The responsible Minister must—

prepare a written statement setting out details of, and reasons for, the relevant territory authority’s action; and

present the statement to the Legislative Assembly within 6 sitting days after the day the Minister is told about the action.

A statement need not include any material that is commercially sensitive.

However, if commercially sensitive information is not included in the statement, the responsible Minister must, when presenting the statement to the Legislative Assembly, also present a further statement setting out the general nature of the information and the reason for its non‑inclusion in the statement.