Document ID: chunk:federal_register_of_legislation:C2008A00139:schedule:1:p31
Version: federal_register_of_legislation:C2008A00139
Segment Type: schedule
Provision Reference: sch 1 (pt 31/128)
Character Range: 161161–164082

and

(b) must prepare a draft amendment to the asset management plan —

(i) in respect of each new work authorised under clause 56; and
(ii) if the Committee recommends an amendment to the plan.

       (9) Sub‑clauses (3), (4) and (5) apply to a draft amendment as if it were a draft asset management plan.

    54. Control and Management of RMO assets

       (1) RMO assets are not under the ownership or control of the Authority; however, the Authority manages the assets in accordance with sub‑clause (3).

       (2) RMO assets are controlled jointly by the Commonwealth Government and the Governments of South Australia, New South Wales and Victoria ("the asset controlling governments") for the purposes of this Agreement, in the manner described in the asset agreement.

       (3) The asset controlling governments agree that the Authority is to manage the RMO assets on behalf of the asset controlling governments for the purposes of this Agreement, as required by clause 29 of this Agreement.

       (4) For the purposes of this clause, the Authority must maintain books of account and records in relation to the RMO assets that comply with applicable statutory requirements and are consistent with standard accounting and auditing requirements.

       (5) Without limiting sub‑clause (4), books of account maintained by the Authority for the purposes of this clause must:

(a) be maintained separately from the accounts required to be kept by the Authority for the purposes of the Murray‑Darling Basin Special Account;

(b) include an asset register and asset revaluations;

(c) be made available to an asset controlling government upon request.

       (6) The Authority must report on the books of account in the manner and at the times specified in the asset agreement.

       (7) The books of account maintained by the Authority for purposes of sub‑clause (4) will be audited by the Australian National Audit Office or other such body as agreed from time to time by the Ministerial Council.

    55. Asset Agreement

       (1) The Authority must as soon as practicable after this Agreement comes into effect make an asset agreement with the asset controlling governments referred to in clause 54 regarding the management by the Authority of the RMO assets, which is to reflect asset controlling governments' requirements for accounting for the assets, recording, reporting and audit as well as specific high level requirements in relation to construction, maintenance and operation of assets.

       (2) The asset agreement must include provisions about accounting for, reporting on and managing the RMO assets.

       (3) The asset agreement must not be inconsistent with any provision of this Agreement.

       (4) The asset agreement may be reviewed and amended by agreement between the parties.

    Note — The Authority may also enter an agreement or an understanding with