Document ID: chunk:federal_register_of_legislation:C2014C00384:section:40
Version: federal_register_of_legislation:C2014C00384
Segment Type: section
Provision Reference: s 40
Character Range: 24910–25861

40  Power to purchase and dispose of assets
 (1) The School shall not, without the approval of the Minister:
 (a) acquire any property, right or privilege for a consideration exceeding in amount or value $250,000 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 $250,000 or, if a higher amount is prescribed, that higher amount;
 (c) enter into a contract for the construction of a building for the School, being a contract under which the School is to pay an amount exceeding $50,000 or, if a higher amount is prescribed, that higher amount; or
 (d) enter into a lease of land for a period exceeding 10 years.
 (2) The taking on lease or the purchase of land or buildings required for the purposes of the School shall be effected under the Lands Acquisition Act 1989.