Commonwealth Consolidated Acts

AUSTRALIA COUNCIL ACT 1975 - SECT 34

             (1)  The Council shall not, without the approval of the Minister:

                     (a)  enter into a contract involving the payment or receipt of an amount exceeding $250,000; or

                     (b)  enter into a lease of land for a period exceeding 10 years.

             (2)  In subsection (1), "contract" does not include a contract entered into by the Council in the course of the exercise of its powers under paragraph 6(1)(f).

          (2A)  Paragraph (1)(a) does not apply to the investment of money by the Council under section 18 of the Commonwealth Authorities and Companies Act 1997 .

             (3)  The Council shall not borrow moneys from any person.