(1)  The Board, by 31 May in each year, is to prepare a corporate plan in respect of at least a 3-year period commencing on 1 July in that year.

(2)  The corporate plan is to include the following:

(a) a statement of the Academy's objectives, policies and programs;

(b) a statement of the Academy's financial plans;

(c) the major strategies to be used to achieve the objectives and give effect to the policies, programs and plans.

(3)  The Board is to provide a copy of the proposed corporate plan to the Minister for approval.

(4)  The Minister, after consultation with the Treasurer, may –

(a) approve the corporate plan; or

(b) require the Board to amend the corporate plan before approving it.

(5)  The Board may prepare an amendment of its corporate plan at any time.

(6)  An amendment of the corporate plan takes effect when the Minister, after consultation with the Treasurer, approves the amendment.

(7)  Except where the Minister, after consulting with the Treasurer, otherwise approves, the Academy must act in accordance with its corporate plan or amended corporate plan.