13Duty to notify Treasurer and Portfolio Minister of adverse developments

13 Duty to notify Treasurer and Portfolio Minister of adverse developments

(1)  [Section 13 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] A Board must notify the Treasurer and Portfolio Minister of any development which, in the opinion of the Board, may–

(a) prevent or significantly affect the achievement of the financial performance objectives under the corporate plan by the Government Business Enterprise or its subsidiaries; or

(b) [Section 13 Subsection (1) amended by No. 42 of 2002, s. 10, Applied:27 Nov 2002] significantly affect the financial viability or operating ability of the Government Business Enterprise, any subsidiary or any partnership, trust, joint venture or arrangement for the sharing of profits in which the Government Business Enterprise participates; or

(ba) [Section 13 Subsection (1) amended by No. 18 of 2025, s. 15, Applied:01 Jan 2026] prevent the Government Business Enterprise or its subsidiaries from complying with a direction given to the Board or a subsidiary board under section 9A ; or

(bb) [Section 13 Subsection (1) amended by No. 18 of 2025, s. 15, Applied:01 Jan 2026] significantly affect the ability of the Government Business Enterprise or its subsidiaries to comply with a direction given to the Board or a subsidiary board under section 9A ; or

(c) [Section 13 Subsection (1) amended by No. 42 of 2002, s. 10, Applied:27 Nov 2002] otherwise significantly affect the Government Business Enterprise in any manner.

(2)  A notification is to be given immediately after the Board becomes aware of the development.