Queensland Consolidated Acts Queensland Consolidated Acts(1) An Island council may lend an amount to an adult resident of its council area only if--
(a) it does so under a lending policy adopted by it by resolution (an adopted lending policy); and
(b) the adopted lending policy has been approved by the Minister in writing given to the council.
(2) The Minister must approve an adopted lending policy submitted to the Minister for approval unless the Minister is satisfied on reasonable grounds the policy does not comply with the Island Council Accounting Standards.
(3) The Minister must decide whether or not to approve an adopted lending policy submitted to the Minister for approval as soon as practicable after receiving the policy and must advise the Island council, that submitted the policy, in writing of the decision.
(4) If the Minister decides not to approve the adopted lending policy, the Minister's advice must state how the policy does not comply with the Island Council Accounting Standards.