Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts(a) by omitting from subsection (1) “The Institute” and substituting “An Institution”;
(b) by omitting subsection (4) and substituting the following subsection:
“(4) An Institution that holds a controlling interest in a company shall endeavour to ensure that the audit arrangements for the company are acceptable to the auditor of the Institution and that the company does not do anything that the Institution itself is not empowered to do.”; and
(c) by omitting from subsection (5) “Institute” and substituting “Institution”.
10. (1) Section 9 of the Principal Act is amended—
(a) by omitting subsection (1) and substituting the following subsections:
“(1) This section applies to a partnership between an Institution and a person other than the other Institution.
“(1A) An Institution shall not, without the written approval of the Minister, enter into a partnership to which this section applies.”;
(b) by omitting from subsection (2) “(1)” and substituting “(1A)”;
(c) by omitting from subsection (3) “partnership with another person” and substituting “a partnership to which this section applies”; and
(d) by omitting subsection (4) and substituting the following subsection:
“(4) An Institution that—
(a) is a member of a partnership to which this section applies; and
(b) is able to control the things done by the partnership;
shall endeavour to ensure that the audit arrangements for the partnership are acceptable to the auditor of the Institution and that the partnership does not do anything that the Institution itself is not empowered to do.”.
(2) The amendments made by paragraph (1) (a) do not affect a partnership entered into before the commencement of this section.