Document ID: chunk:federal_register_of_legislation:C2021C00216:section:38
Version: federal_register_of_legislation:C2021C00216
Segment Type: section
Provision Reference: s 38
Character Range: 32446–34089

38  Restrictions on financial transactions
 (1) The Gallery must not, without the written approval of the Minister:
 (a) acquire any work of art for a consideration exceeding in amount or value the amount prescribed by the regulations for the purposes of this paragraph; or
 (b) dispose of any work of art if the amount or value of the consideration for the disposal, or the value of the work of art, exceeds the amount prescribed by the regulations for the purposes of this paragraph; or
 (c) acquire any property, right or privilege, other than a work of art, for a consideration exceeding in amount or value the amount prescribed by the regulations for the purposes of this paragraph; or
 (d) dispose of any property, right or privilege, other than a work of art, if the amount or value of the consideration for the disposal, or the value of the property, right or privilege, exceeds the amount prescribed by the regulations for the purposes of this paragraph; or
 (e) enter into a contract for the construction of a building for the Gallery, being a contract under which the Gallery is to pay an amount exceeding the amount prescribed by the regulations for the purposes of this paragraph; or
 (f) enter into a lease of land for a period exceeding 10 years.
 (2) An approval under subsection (1) is not a legislative instrument.
 (3) Subsection (1) does not apply to a contract if the contract provides for the supply of a service to the Gallery for the day‑to‑day operations of the Gallery.
 (4) Subsection (1) does not apply to the following:
 (a) an investment acquired under subsection 37(3);
 (b) the disposal of such an investment.