Transactions that require Minister’s approval
13 Transactions that require Minister’s approval
Despite sections 9 and 12, the Authority must have the Minister’s approval before it enters into a transaction to which this section applies.
This section applies to a transaction if —
it is to be entered into by the Authority; and
it is not exempt under section 14; and
the Authority’s liability exceeds the relevant amount.
In subsection (2)(c) —
Authority’s liability means the amount or value of the consideration or the amount to be paid or received by the Authority, ascertained as at the time when the transaction is entered into;
relevant amount means 5 million dollars or, if regulations made under section 92 on the Treasurer’s recommendation prescribe a greater amount for the purposes of this definition, the amount prescribed.
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