22Prohibition on entering core foreign arrangements

22  Prohibition on entering core foreign arrangements

 (1) A core State/Territory entity must not enter an arrangement with a core foreign entity if the Minister’s approval under subsection 24(2) or 28(2) is not in force in relation to the arrangement.

Note 1: If the State/Territory entity enters the arrangement without the Minister’s approval, then section 30, 31 or 32 automatically applies to the arrangement to make it invalid, unenforceable or not in operation, or to require the State/Territory entity to terminate it. Those sections also prohibit the parties from giving effect to the arrangement.

Note 2: Similar consequences may apply to any subsidiary arrangements of the arrangement (see sections 46 to 48).

 (2) Subsection (1) does not apply to an exempt arrangement.