Transactions that require Ministerial approval
12 Transactions that require Ministerial approval
Despite sections 9, 10 and 11, the Chemistry Centre must get the Minister’s approval before a transaction to which this section applies is entered into.
This section applies to a transaction if —
it is to be entered into by the Chemistry Centre or a subsidiary of the Chemistry Centre;
it is not exempt under section 13; and
the Chemistry Centre’s liability exceeds the relevant amount.
For the purposes of subsection (2)(c) —
the Chemistry Centre’s liability is the amount or value of the consideration or the amount to be paid by the Chemistry Centre or a subsidiary, worked out as at the time when the transaction is entered into; and
the relevant amount is the larger of —
an amount equal to 5% of the value of the total reported assets of the Chemistry Centre as set out in the most recent annual report of the Chemistry Centre under the Financial Management Act 2006 Part 5; or
$1 000 000.
In this section and section 13 —
transaction includes a contract or other arrangement but does not include —
an exercise of the power under section 11(2)(d); or
a transaction under section 28.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.