19Annual operational plans

19 Annual operational plans

(1) The Corporation shall:

(a) not later than 2 months before the commencement of each financial year that is included in a planning period, formulate an annual operational plan, for the financial year concerned, setting out an estimate of the amounts that the Corporation expects to receive during the financial year under section 23 and the details of:

(i) the strategies the Corporation proposes to pursue; and

(ii) the programs the Corporation proposes to carry out; and

(iii) the resources the Corporation proposes to allocate to each such program;

during the financial year in giving effect to the corporate plan that relates, or the intended corporate plan that will relate, to the financial year; and

(b) from time to time, review and revise the annual operational plan.

(2) An annual operational plan, or a revision of an annual operational plan:

(a) shall be submitted to the Minister as soon as practicable after it is formulated; and

(b) has no effect until approved by the Minister.

(3) Before formulating or revising an annual operational plan, the Corporation shall consult eligible industry bodies.