101Obligation of authorities to tell Minister about significant

101 Obligation of authorities to tell Minister about significant events (1) A relevant territory authority must, as soon as practicable, tell the responsible Minister of any significant event that affects, or seems likely to affect— (a) the value of the authority; or (b) a significant part of the authority’s assets; or

Requirements and obligations for territory authorities Division 9.5 (c) the performance of the authority as a whole; or (d) the carrying out of a significant activity of the authority. (2) For this section, an event, part of assets or activity is significant for a relevant territory authority if— (a) it is significant when interpreted in accordance with accounting standards relating to materiality ordinarily used in Australia when the decision about whether it is significant is made; or (b) a document published by the authority identifies it as significant (however described); or (c) a memorandum of understanding or other agreement between the responsible Minister or Treasurer and the authority identifies it as significant (however described); or (d) it is prescribed under the financial management guidelines.