80Restrictions on financial transactions

80 Restrictions on financial transactions

(1) Creative Australia 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 mentioned in subsection (2); 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 mentioned in subsection (2); or (c) enter into a contract for the construction of a building for Creative Australia, being a contract under which Creative Australia is to pay an amount exceeding the amount mentioned in subsection (2); or (d) enter into a lease of land for a period exceeding 10 years. (2) For the purposes of paragraphs (1)(a), (b) and (c), the amount is: (a) $5 million; or (b) if the rules prescribe a different amount—that prescribed amount. (3) Paragraphs (1)(a) and (b) do not apply to transactions in the course of the exercise of Creative Australia’s powers under paragraph 12(2)(g) or (h). (4) Creative Australia must not borrow money from any person. (5) Nothing in subsection (4) affects Creative Australia’s ability to obtain goods or services on credit in accordance with section 57 of the PGPA Act (which deals with borrowing by corporate Commonwealth entities). (6) An approval under subsection (1) is not a legislative instrument.