24Restrictions on financial transactions

24 Restrictions on financial transactions

(1) The Library must not, without the written approval of the Minister: (a) acquire any library material for a consideration exceeding in amount or value the amount prescribed by the regulations for the purposes of this paragraph; or (b) dispose of any library material if the amount or value of the consideration for the disposal, or the value of the library material, exceeds the amount prescribed by the regulations for the purposes of this paragraph; or (c) acquire any property, right or privilege, other than library material, for a consideration exceeding in amount or value the amount prescribed by the regulations for the purposes of this paragraph; or (d) dispose of any property, right or privilege, other than library material, if the amount or value of the consideration for the disposal, or the value of the property, right or privilege, exceeds the amount prescribed by the regulations for the purposes of this paragraph; or (e) enter into a contract for the construction of a building for the Library, being a contract under which the Library is to pay an amount exceeding the amount prescribed by the regulations for the purposes of this paragraph; or (f) enter into a lease of land for a period exceeding 10 years. (2) An approval under subsection (1) is not a legislative instrument. (3) Subsection (1) does not apply to a contract if the contract provides for the supply of a service to the Library for the day‑to‑day operations of the Library. (4) Subsection (1) does not apply to the following: (a) an investment acquired under subsection 22(3); (b) the disposal of such an investment.