Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The directors of a wholly - owned Commonwealth company must do the following:
(a) keep the responsible Minister informed of the activities of the company and any subsidiaries of the company;
(b) give the responsible Minister or the Finance Minister any reports, documents and information in relation to those activities as that Minister requires;
(c) notify the responsible Minister as soon as practicable after the directors make a significant decision in relation to the company or any of its subsidiaries;
(d) give the responsible Minister reasonable notice if the directors become aware of any significant issue that may affect the company or any of its subsidiaries;
(e) notify the responsible Minister as soon as practicable after the directors become aware of any significant issue that has affected the company or any of its subsidiaries.
(2) Without limiting subsection (1), the rules may prescribe:
(a) matters to be taken into account in deciding whether a decision or issue is significant; and
(b) matters relating to discharging duties under subsection (1).
(3) The directors must comply with a requirement under paragraph (1)(b) within the time limits set by the Minister concerned.
(4) This section does not limit any other power that a Minister has to require information from a Commonwealth company.