(1)  In this section –

proposal means a proposal –

(a) to issue, modify or withdraw a shareholders' letter of expectation of a Regional Corporation; or

(b) to adopt or amend a corporate plan of a Corporation.

(2)  The consulting group for a Corporation is to consult the Treasurer in accordance with the following procedure before any proposal is implemented:

(a) the consulting group is to give the Treasurer –

(i) in relation to a proposal to issue, modify or withdraw a shareholders’ letter of expectation, details of the proposal together with a draft of all documents to which the proposal relates; or

(ii) in relation to a proposal to adopt or amend a corporate plan, details of the proposal together with a draft of all documents to which the proposal relates no later than 60 days before the proposal is intended to take effect;

(b) within 21 days of receiving the proposal and draft documents referred to in paragraph (a) , the Treasurer is to notify the consulting group in writing that –

(i) he or she has no concerns in relation to that proposal; or

(ii) he or she has concerns, set out in the notification, in relation to that proposal;

(c) if the consulting group receives a notification under paragraph (b)(ii) , within 21 days of receiving that notification the consulting group is to –

(i) give the Treasurer a revised proposal in response to the concerns raised, together with a draft of all documents to which the revised proposal relates; or

(ii) notify the Treasurer that the consulting group disagrees with the Treasurer's concerns referred to in paragraph (b)(ii) .

(3)  If the Treasurer receives notification under subsection (2)(c)(ii) that the consulting group disagrees with the Treasurer's concerns, the Treasurer is to cause a statement setting out the nature of the disagreement and the reasons for his or her concerns to be published in the Gazette and to be laid before each House of Parliament within 30 days after receiving it.

(4)  If the Treasurer is unable to cause the statement to be laid before each House of Parliament within the time referred to in subsection (3) because a House of Parliament is not sitting on any of the 30 days after the Treasurer receives notification under subsection (2)(c)(ii) , the Treasurer is to –

(a) on or before the end of the 30th day, provide a copy of the statement to the clerk of that House; and

(b) within the first 5 sitting-days after that day, cause a copy of the statement to be laid before that House.

(5)  The members of a Corporation may implement a proposal notwithstanding the concerns raised by the Treasurer if that proposal is consistent with this Act.