Document ID: chunk:federal_register_of_legislation:C2004A00102:body:0:p16
Version: federal_register_of_legislation:C2004A00102
Segment Type: other
Provision Reference: 
Character Range: 37373–40133

Purchase and disposal of assets.
37. The Authority shall not, without the approval of the Minister—
   (a) acquire any property, right or privilege for a consideration exceeding in amount or value $500,000 or, if a higher amount is prescribed, that higher amount;
   (b) dispose of any property, right or privilege where the amount or value of the consideration for the disposal, or the value of the property, right or privilege, exceeds $500,000 or, if a higher amount is prescribed, that higher amount;
   (c) enter into a contract for the construction of a building for the Authority, being a contract under which the Authority is to pay an amount exceeding $500,000 or, if a higher amount is prescribed, that higher amount; or

   (d) enter into a lease of land for a period exceeding 10 years.

Proper account to be kept.
38. The Authority shall cause to be kept proper accounts and records of the transactions and affairs of the Authority in accordance with accounting principles generally applied in commercial practice and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorized and that proper control is maintained over the assets of, or in the custody of, the Authority and over the incurring of liabilities by the Authority.

Accounts were authority assists overseas country.
39. (1) The Authority shall keep a separate account of its receipts
and disbursements in respect of an undertaking or operations carried on in accordance with a direction given under sub-section 15(2).

(2) Where—
   (a) the Authority carries on outside Australia an undertaking or operations in pursuance of a direction given under sub-section 15; and
   (b) the Authority satisfies the Minister that the undertaking has, or the operations have, while being carried on in accordance with any financial or other arrangements directed by the Minister under that sub-section, been carried on at a loss in any financial year,
the Authority is entitled to be reimbursed by Australia to the extent of that loss.

Audit.
40. (1) The Auditor-General shall inspect and audit the accounts, and records of financial transactions of the Authority and records relating to assets of, or in the custody of, the Authority and shall forthwith draw the attention of the Minister to any irregularity disclosed by the inspection and audit that is, in the opinion of the Auditor-General, of sufficient importance to justify his doing so.

(2) The Auditor-General may, in his discretion, dispense with all or any part of the detailed inspection and audit of any accounts or records referred to in sub-section (1).

(3) The Auditor-General shall, at least once in each year, report to the Minister the results of the inspection and