11Duty of Board to notify of risks or developments

11 Duty of Board to notify of risks or developments

(1)  The Board must notify the Minister and the Treasurer of any risks or developments which, in the opinion of the Board, may –

(a) have a significant impact on the Board performing and exercising the Authority’s functions, powers and responsibilities under this Act; or

(b) prevent or significantly affect the achievement of the performance objectives under the current strategic plan or business plan; or

(c) significantly affect the financial viability or operating ability of the Authority.

(2)  A notification under subsection (1) is to be given as soon as practicable after the Board becomes aware of the development.