26Major assets and portable and attractive assets

26 Major assets and portable and attractive assets (1) A council and a local government subsidiary must keep, in electronic form: (a) a register of the council's or local government subsidiary's major assets; and (b) a register of the council's or local government subsidiary's portable and attractive assets. (2) The council's or local government subsidiary's major assets and portable and attractive assets must be recorded in the respective registers as soon as practicable after the council or local government subsidiary obtains control of the asset or disposes of an asset. Example for subregulation (2) A council or local government subsidiary may obtain control of the asset by purchasing the asset or obtaining a controlling interest in the asset. (3) The register of the council's or local government subsidiary's major assets must contain the following information in relation to each asset: (a) a description of the asset; (b) the date the council or local government subsidiary obtained control of the asset; (c) the value of the asset; (d) the condition of the asset; (e) the primary location of the asset; (f) the date of disposal of the asset (if applicable). (4) The council or local government subsidiary may determine the information required for the register of the council's or local government subsidiary's portable and attractive assets. (5) In this regulation: major asset means an asset with a value of or above: (a) $10 000 (exclusive of GST); or (b) another amount less than $10 000 (exclusive of GST) as determined by resolution by the council or local government

Local Government (General) Regulations 2021 15 portable and attractive asset means an asset with a value below the value of a major asset.