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Financial Management Act 2016
54Indemnities and guarantees
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54 Indemnities and guarantees
(1) An accountable authority of an Agency must seek the Treasurer's approval if the Agency intends to enter into any indemnity or guarantee arrangement which the accountable authority reasonably believes has the capacity to impose a significant financial burden on the Agency or on the public finances of the State.
Penalty: Fine not exceeding 50 penalty units.
(2) An accountable authority of an Agency must advise the Treasurer if an event occurs that may significantly affect the financial position of the Agency or the public finances of the State.
Penalty: Fine not exceeding 50 penalty units.