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    7.12 Approval requirements

    In the case of Government Boards constituted by statute, certain activities may require the prior approval of the portfolio Minister, the Treasurer or the Governor in Council. Such requirements may be set out in the enabling legislation or other legislation. e.g., certain investment activities, borrowings, leases and other financial arrangements may require the prior approval of the Treasurer pursuant to the Statutory Bodies Financial Arrangements Act 1982 (the SBFA Act). Likewise, contract expenditure over specified amounts may require approval from the Governor in Council.

    An activity engaged in without the necessary approval may be unlawful and there may be repercussions for Government Board members. e.g., some enabling legislation provides that board members can be held personally liable for illegal financial arrangements. Retrospective approvals cannot be given for investments or other financial arrangements that require the prior approval of the Treasurer under the SBFA Act.

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    Last updated:
    18 May, 2016
    Last reviewed:
    29 July, 2010