24Functional separation principles

#### 24 Functional separation principles (1) The Communications Minister and the Finance Minister may, by writing, determine that specified principles are functional separation principles for the purposes of the application of this Act to a specified NBN corporation. > Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901. (2) Principles determined under subsection (1) must include: (a) the principle that the NBN corporation should maintain 2 or more specified business units; and (b) the principle that the NBN corporation should maintain arm’s length functional separation between the specified business units; and (c) the principle that the NBN corporation should have systems, procedures and practices that relate to: (i) compliance with a final functional separation undertaking given by the NBN corporation; and (ii) monitoring of, and reporting on, compliance with the final functional separation undertaking; and (iii) the development of performance measures relating to compliance with the final functional separation undertaking; and (iv) independent audit, and other checks, of compliance with the final functional separation undertaking. (3) Subsection (2) does not limit subsection (1). (5) A determination under subsection (1) is not a legislative instrument.