WHEAT MARKETING ACT 1989No. 58, 1989 - SECT 89 Annual report

WHEAT MARKETING ACT 1989No. 58, 1989 - SECT 89

89. (1) As soon as practicable after 30 September 1989 and each succeeding 30
September, the Board shall give the Minister a written report of its
operations during the year that ended on that date, together with financial
statements for that year in a form approved by the Minister for Finance.

(2) Before submitting financial statements to the Minister under subsection
(1), the Board shall submit them to the Board auditor, who shall report to the
Minister:

   (a)  whether, in the opinion of the Board auditor, the statements are based
        on proper accounts and records;

   (b)  whether the statements are in agreement with the accounts and records
        and, in the opinion of the Board auditor, show fairly the financial
        transactions and the state of affairs of the Board;

   (c)  whether, in the opinion of the Board auditor, the receipt, expenditure
        and investment of money, and the acquisition and disposal of assets,
        by the Board during the year have been in accordance with this Act;
        and

   (d)  as to such other matters arising out of the statements as the Board
        auditor thinks should be reported to the Minister.

(3) Without limiting the generality of subsection (1), the Board shall include
in each report under that subsection:

   (a)  an assessment of the extent to which its operations during the year
        have: (i) achieved the objectives stated in the corporate plan; and

        (ii)   implemented the annual operational plan applicable to the year;

   (b)  particulars of:

        (i)    export trading activities undertaken by the Board during the
               year;

        (ii)   significant capital works programs (if any) undertaken by the
               Board during the year;

        (iii)  significant acquisitions and dispositions of real property by
               the Board during the year;

        (iv)   companies formed under arrangements made by the Board, and
               companies in whose formation the Board participated, during the
               year;

        (v)    shares and securities subscribed for, purchased or disposed of
               by the Board during the year;

        (vi)   partnerships entered into by the Board during the year;

        (vii)  joint ventures, and arrangements for the sharing of profits,
               entered into by the Board during the year; and

        (viii) variations to the corporate plan, and to the applicable annual
               operational plan, agreed to by the Minister during the year;

   (c)  the text of all directions given to the Board under section 8 during
        the year to which the report relates and a statement setting out the
        effect that, in the opinion of the Board, those directions had on the
        operations of the Board;

   (d)  details of any contract (other than a contract referred to in section 
        74) or agreement in connection with the purchase of real or personal
        property (other than grain or an interest in a vessel) for an amount
        exceeding $500,000 entered into by the Board during the year to which
        the report relates;

   (e)  a summary of the action taken by the Board to develop and implement
        its equal opportunity program; and

   (f)  the result of any monitoring, evaluation or assessment referred to in
the definition of "assessment action" in the Schedule.

(4) Financial statements referred to in subsection (1) in relation to a year
shall include details of each reserve account established under section 73
that was current in that year.

(5) The Minister shall cause copies of the report and financial statements
together with the report of the Board auditor to be laid before each House of
the Parliament within 15 sitting days of that House after their receipt by the
Minister.

(6) For the purposes of subsection (1) in relation to the year ending on 30
September 1989, the operations of the Board during that year shall be taken to
include the operations of the Board during that year under the 1984 Act.