New South Wales Consolidated Acts

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) ACT 1987 - SECT 22L

22L Restriction on joint ventures

(1) An authority must not:

(a) enter into an arrangement with another person for the purpose of carrying on a joint venture, or

(b) carry on a joint venture under such an arrangement,

unless the Treasurer has approved of the arrangement.

(2) The Treasurer’s approval:

(a) may be given for a specified arrangement or class of arrangements, and

(b) may be given in respect of one or more specified authorities or in respect of a specified class of authorities, and

(c) may be otherwise specific or may be general, and

(d) may be given on such terms and subject to such conditions as the Treasurer thinks fit.

(3) The Treasurer’s approval must be in writing.

(4) The Treasurer’s approval is required under this section even though the arrangement is, or is entered into in connection with, financial accommodation authorised under Part 2, a joint financing arrangement authorised under Part 2B or some other financial arrangement authorised under this Act.