Northern Territory Treasury Corporation Act 1994

The Corporation shall cause to be kept proper accounts and records of its transactions and affairs in accordance with the accounting principles generally applied in commercial practice and shall do all things necessary to ensure that all payments out of its money are correctly made and properly authorised and that adequate control is maintained over the property of, or in the custody of, the

Corporation and over the commitment of money by the Corporation.

Where the Treasurer is satisfied that the activities of the

Corporation are such that it is not necessary for it to keep accounts and records in the manner required by subsection (1), the Treasurer may in writing notify the Corporation of the accounting principles that it should apply in keeping its accounts and records and the

Corporation shall comply with such notification accordingly.