Commonwealth Numbered Acts

DAIRY PRODUCE ACT 1986 No. 54 of 1986 - SECT 123

123. (1) The Corporation shall, as soon as practicable after 30 June 1987 and
each subsequent 30 June, prepare and furnish to the Minister a report of its
operations under this Act and under any other Act during the year that ended
on that day, together with financial statements in respect of that year in
such form as the Minister for Finance approves.

(2) Before submitting financial statements to the Minister under sub-section
(1), the Corporation shall submit them to the Corporation auditor, who shall
report to the Minister-

   (a)  whether, in the auditor's opinion, the statements are based on proper
        accounts and records;

   (b)  whether the statements are in agreement with the accounts and records
        and, in the auditor's opinion, show fairly the financial transactions
        and the state of the affairs of the Corporation;

   (c)  whether, in the auditor's opinion, the receipt, expenditure and
        investment of moneys, and the acquisition and disposal of assets, by
        the Corporation during the year have been in accordance with this Act
        and any other Act relating to the functions of the Corporation; and

   (d)  as to such other matters arising out of the statements as the auditor
        considers should be reported to the Minister.

(3) Without limiting, by implication, the generality of sub-section (1), the
Corporation shall include in each annual report referred to in that
sub-section-

   (a)  a statement of the principal goals of the Corporation in the period
        since the last such report was given and of the strategies pursued by
        the Corporation to achieve those goals in that period;

   (b)  an assessment to the extent to which the Corporation has achieved the
        goals referred to in paragraph (a); and

   (c)  particulars of-

        (i)    significant capital works undertaken by the Corporation;

        (ii)   significant property purchases made by the Corporation;

        (iii)  the futures trading activities of the Corporation;

        (iv)   the formation of companies and the acquisition and disposal of
               interests in companies; and

        (v)    the entry by the Corporation into partnership agreements,
during the period to which the report relates.

(4) The Minister shall cause the report and financial statements of the
Corporation, together with the report of the Corporation auditor, to be laid
before each House of the Parliament within 15 sitting days of that House after
their receipt by the Minister.