47Restrictions on financial transactions

47 Restrictions on financial transactions

(1) The Gallery must not, without the written approval of the Minister: (a) acquire any portrait, another work of art or related 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 portrait, another work of art or related material if the amount or value of the consideration for the disposal, or the value of the portrait, other work of art or related material, exceeds the amount prescribed by the regulations for the purposes of this paragraph; or (c) acquire any property, right or privilege, other than a portrait, another work of art or related 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 a portrait, another work of art or related 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 Gallery, being a contract under which the Gallery 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 Gallery for the day‑to‑day operations of the Gallery. (4) Subsection (1) does not apply to the following: (a) an investment acquired under subsection 46(3); (b) the disposal of such an investment.