7Powers of Authority

7 Powers of Authority

(1)  Subject to subsection (2) , the Authority has the following powers:

(a) to acquire, hold, dispose of and otherwise deal with property;

(b) to borrow funds and hold debt with the consent of the Treasurer;

(c) to enter into contracts and agreements;

(d) to transfer any of its property, rights, liabilities and obligations (whether for valuable consideration or otherwise) to a subsidiary;

(e) to form, and participate in the formation of, bodies corporate with the Treasurer’s approval;

(f) to appoint agents and attorneys;

(g) to participate, with the Treasurer’s approval, in partnerships, trusts, joint ventures and arrangements for the sharing of profits;

(h) to enter into a contract with another person for the performance or exercise of any of the Authority’s functions or powers either jointly with that other person or by that other person;

(i) to set charges, terms and conditions relating to work done, or services, goods or information supplied, by it;

(j) to engage consultants and provide consultancy services;

(k) to carry on any business which may conveniently be carried on in conjunction with the performance of its functions;

(l) to control access to, and the uses to be made of, any material, or assets, owned or developed by the Authority;

(m) to do all other things it is authorised to do by or under this or any other Act;

(n) to do all things necessary or convenient to be done in connection with, or incidental to, the performance of its functions and the exercise of its powers.

(2)  The Authority must not acquire, dispose of or demolish major assets or property without the approval of the Minister and the Treasurer.