Western Australian Current Acts

GOVERNMENT TRADING ENTERPRISES ACT 2023 - SECT 91

91 .         Notice of financial difficulty

        (1)         A GTE’s board must notify the Portfolio Minister and the Treasurer if it forms the opinion that the GTE or a subsidiary of the GTE —

            (a)         is unable to satisfy a financial obligation that has fallen due from the financial resources available to it; or

            (b)         will likely be unable to satisfy a financial obligation when it falls due from the financial resources available, or likely to be available, to it.

        (2)         The notice must —

            (a)         be in writing; and

            (b)         give the reasons for the board’s opinion; and

            (c)         give any other information that the board considers relevant.

        (3)         Within 7 days of receipt of the notice, the Portfolio Minister and the Treasurer must —

            (a)         confer with one another and with the board for the purpose of determining what action might be taken to ensure that the GTE or subsidiary is or will be able to satisfy the financial obligation; and

            (b)         initiate any action (including, without limitation, the giving of a direction under Division 4) that is required to ensure that the GTE or subsidiary is or will be able to satisfy the financial obligation.