Commonwealth Numbered Acts

PETROLEUM AND MINERALS AUTHORITY ACT 1973 No. 43, 1974 - SECT 37

37. The Authority shall not, without the approval of the Minister-

   (a)  acquire any property, right or privilege for a consideration exceeding
        in amount or value $500,000 or, if a higher amount is prescribed, that
        higher amount;

   (b)  dispose of any property, right or privilege where the amount or value
        of the consideration for the disposal, or the value of the property,
        right or privilege, exceeds $500,000 or, if a higher amount is
        prescribed, that higher amount;

   (c)  enter into a contract for the construction of a building for the
        Authority, being a contract under which the Authority is to pay an
        amount exceeding $500,000 or, if a higher amount is prescribed, that
        higher amount; or

   (d)  enter into a lease of land for a period exceeding 10 years.