Australian Capital Territory Numbered Acts Australian Capital Territory Numbered ActsSchedule 1 University of Canberra Act 1989
(see s 3)
substitute
35 Application of Financial Management Act 1996
insert
(2A) The Financial Management Act 1996
, section 98 (Limitations on authorities forming corporations etc) and section 99 (Limitations on authorities taking part in joint ventures and trusts) apply in relation to the university as if those sections were modified as set out in schedule 2.
omit
are consistent with
substitute
are consistent with and, while the university is a participant in the corporation or joint venture, remain consistent with
omit
substitute
38 Provision of information about significant matters—corporation or joint venture
(1) The Minister or Treasurer may ask the university for financial information that is not publicly available about a company the university has formed or participated in forming, or a joint venture the university has entered, if—
(a) the Minister or Treasurer reasonably considers the information is necessary to protect the interests of the Territory; and
(b) the information relates to a matter of significance being undertaken by the university.
(2) The university must comply with the request within a reasonable time after receiving it.
(3) In this section:
"matter of significance"—a matter to which financial information relates is a matter of significance if—
(a) it is significant when interpreted in accordance with accounting standards relating to materiality ordinarily used in Australia when the decision about whether it is significant is made; or
(b) a document published by the university identifies it as significant (however described); or
(c) a memorandum of understanding or other agreement between the Minister or Treasurer and the university identifies it as significant (however described); or
(d) it is prescribed under the financial management guidelines.
insert
Schedule 2 Modifications— Financial Management Act 1996
(see s 35 (2A))
[2.1] Section 98
substitute
98 Limitations on authorities forming corporations etc
(1) A relevant territory authority must not do any of the following without the Treasurer's prior written approval if it is a significant activity or event:
(a) subscribe for, or purchase shares in or debentures or other securities of, a corporation;
(b) form, or take part in the formation of, a corporation.
(2) An approval under subsection (1)—
(a) must relate only to a particular corporation or proposed corporation; and
(b) may be given subject to the conditions or restrictions stated in the approval.
(2A) If the Treasurer has not decided whether to approve a relevant territory authority doing something mentioned in subsection (1) within 30 days after receiving notice about it, the Treasurer is taken to have given the approval.
(3) 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.
(4) The responsible Minister must—
(a) prepare a written statement setting out details of, and reasons for, the relevant territory authority's action; and
(b) present the statement to the Legislative Assembly within 6 sitting days after the day the Minister is told about the action.
(5) A statement need not include any material that is commercially sensitive.
(6) 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.
(7) Section 58 (Investment by territory authorities) does not apply if a relevant territory authority does something mentioned in subsection (1), whether or not the thing is a significant activity or event.
(8) In this section:
"significant", in relation to an activity or event—see section 101 (2).
[2.2] Section 99
substitute
99 Limitations on authorities taking part in joint ventures and trusts
(1) A relevant territory authority must not take part in a joint venture or trust if it is a significant activity or event without the Treasurer's prior written approval.
(2) An approval under subsection (1)—
(a) may apply generally or may relate to a particular proposed joint venture or trust; and
(b) may be given subject to the conditions or restrictions stated in the approval.
(2A) If the Treasurer has not decided whether to approve a relevant territory authority taking part in a joint venture or trust within 30 days after receiving notice about it, the Treasurer is taken to have given the approval.
(3) If a relevant territory authority enters into an agreement for a joint venture or trust, the authority must tell the responsible Minister within 2 weeks after the day the authority enters into the agreement.
(4) The responsible Minister must—
(a) prepare a written statement setting out details of, and reasons for, the agreement; and
(b) present the statement to the Legislative Assembly within 6 sitting days after the day the Minister is told about the agreement.
(5) A statement need not include any material that is commercially sensitive.
(6) 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.
(7) Section 58 (Investment by territory authorities) does not apply if a relevant territory authority does something mentioned in subsection (1), whether or not the thing is a significant activity or event.
(8) In this section:
"significant", in
relation to an activity or event—see section 101 (2).