48Restrictions on financial transactions

48 Restrictions on financial transactions

(1) The Council must not, without the written approval of the Minister: (a) acquire any property, right or privilege for a consideration exceeding in amount or value the amount prescribed by the rules for the purposes of this paragraph; or (b) dispose of any property, right or privilege 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 rules for the purposes of this paragraph; or (c) enter into a contract for the construction of a building for the Council, being a contract under which the Council is to pay an amount exceeding the amount prescribed by the rules for the purposes of this paragraph; or (d) enter into a lease of land for a period exceeding 10 years. (2) Paragraphs (1)(a) and (b) do not apply to transactions in the course of the exercise of the Council’s powers under paragraph 10(2)(g) or (h). (3) The Council must not borrow money from any person. (4) Nothing in subsection (3) affects the Corporation’s ability to obtain goods or services on credit in accordance with section 57 of the Public Governance, Performance and Accountability Act 2013 (which deals with borrowing by corporate Commonwealth entities). (5) An approval under subsection (1) is not a legislative instrument.