Commonwealth Numbered Acts

PETROLEUM AND MINERALS AUTHORITY ACT 1973 No. 43, 1974 - SECT 53

53. (1) The Authority shall, as soon as practicable after each 30 June,
prepare and furnish to the Minister, for presentation to the Parliament, a
report of its operations during the year ended on that date, together with
financial statements in respect of that year in such form as the Treasurer
approves.

(2) Before furnishing financial statements to the Minister, the Authority
shall submit them to the Auditor-General, who shall report to the Minister-

   (a)  whether the statements are based on proper accounts and records;

   (b)  whether the statements are in agreement with the accounts and records
        and show fairly the financial transactions and the state of affairs of
        the Authority;

   (c)  whether the receipt, expenditure and investment of moneys, and the
        acquisition and disposal of assets, by the Authority during the year
        have been in accordance with this Act; and

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

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

(4) The first report and financial statements to be prepared and furnished to
the Minister by the Authority under this section shall relate to the period
commencing on the date of commencement of this Act and ending on 30 June 1974.