47Restrictions on financial transactions

47 Restrictions on financial transactions

(1) The Museum must not, without the written approval of the Minister: (a) acquire any maritime historical material 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 maritime historical material if the amount or value of the consideration for the disposal, or the value of the maritime historical material, exceeds the amount prescribed by the regulations for the purposes of this paragraph; or (c) acquire any property, right or privilege, other than maritime historical material, 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 maritime historical material, 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 Museum, being a contract under which the Museum 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) The value of maritime historical material referred to in paragraph (1)(b) is to be determined in accordance with regulations made for the purposes of this subsection. (4) Subsection (1) does not apply to a contract if the contract provides for the supply of a service to the Museum for the day‑to‑day operations of the Museum. (5) Subsection (1) does not apply to the following: (a) an investment acquired under subsection 45(3); (b) the disposal of such an investment.