Section sec.14 - Statutory Bodies Financial Arrangements Act 1982 - Conditions precedent to financial arrangements and other matters

sec.14Conditions precedent to financial arrangements and other matters

Start here

Get a plain-English read of sec.14

Turn the raw legal text into a practical explanation grounded in Statutory Bodies Financial Arrangements Act 1982.

### sec.14 Conditions precedent to financial arrangements and other matters If a statutory body’s authorising Act, or another Act other than this Act, provides for it to perform or observe a condition before it may exercise a power to enter into a financial arrangement, the body must perform or observe the condition before it may exercise the power. Without limiting subsection (1) , if the body’s authorising Act or the other Act states the way in which the body must decide to exercise the power, the body must decide, under its authorising Act or the other Act, to exercise the power in that way before exercising it. However, if the body’s authorising Act or the other Act does not state the way in which the body must decide to exercise the power, the body must decide to exercise the power and make a written record of the decision before exercising it. If, under this Act, the body must obtain the Treasurer’s approval for the exercise of the power, it must decide to enter into the arrangement before it asks for the approval. s 14 prev s 14 om 15 July 1991 RA s 40 pres s 14 ins 1996 No. 54 s 5 (sec.14-ssec.1) If a statutory body’s authorising Act, or another Act other than this Act, provides for it to perform or observe a condition before it may exercise a power to enter into a financial arrangement, the body must perform or observe the condition before it may exercise the power. (sec.14-ssec.2) Without limiting subsection (1) , if the body’s authorising Act or the other Act states the way in which the body must decide to exercise the power, the body must decide, under its authorising Act or the other Act, to exercise the power in that way before exercising it. (sec.14-ssec.3) However, if the body’s authorising Act or the other Act does not state the way in which the body must decide to exercise the power, the body must decide to exercise the power and make a written record of the decision before exercising it. (sec.14-ssec.4) If, under this Act, the body must obtain the Treasurer’s approval for the exercise of the power, it must decide to enter into the arrangement before it asks for the approval.