South Australian Consolidated Acts South Australian Consolidated Acts22—Auditor-General's report on relevant long term leases
(1) The
Auditor-General must be provided with a copy of each relevant long term lease
within the period of seven days after the prescribed date.
(2) The
Auditor-General must, within the period of six months after the
prescribed date, examine each relevant long term lease that has been provided
under subsection (1) and any related transactions and prepare a report
on—
(a) the
proportion of the proceeds of the leases used to retire State debt; and
(b) the
amount of interest on State debt saved as a result of the application of those
proceeds.
(3) The
Auditor-General—
(a) must
incorporate in the report under subsection (2) a report on the probity of
the processes leading up to the making of each relevant long term lease; and
(b) for
that purpose may, before, during and after the completion of those processes,
require reports from the person appointed by the Treasurer (or otherwise on
behalf of the Crown) to be the probity auditor in relation to the making of
that lease.
(4) Section 34 of the
Public Finance and Audit Act 1987 applies to the examination of a lease
and any related transactions by the Auditor-General under this section.
(5) The
Auditor-General must deliver copies of a report prepared under this section to
the President of the Legislative Council and the Speaker of the House of
Assembly.
(6) The President of
the Legislative Council and the Speaker of the House of Assembly must not
later than the first sitting day after receiving a report under this section,
lay copies of the report before their respective Houses of Parliament.
(7) If a report has
been prepared under this section but copies have not been laid before both
Houses of Parliament when a writ for a general election of the members of the
House of Assembly is issued, the Auditor-General must cause the report to be
published.
(8) In this
section—
"prescribed date" means the earlier of the following:
(a) if
sale/lease agreements have been made providing for the disposal of all
prescribed electricity assets of or available to an electricity corporation,
State-owned company, Minister or any instrumentality of the Crown or statutory
corporation (whether by the granting of a lease or the disposal of
shares)—the date on which the last such sale/lease agreement was made;
or
(b) the
second anniversary of the date on which the first relevant long term lease was
granted;
"prescribed electricity assets" has the same meaning as in section 13;
"relevant lease" means—
(a) a
lease granted by a sale/lease agreement; or
(b) a
lease granted by a transfer order the lessee under which is a company that has
been acquired by a purchaser under a sale/lease agreement;
"relevant long term lease" means a relevant lease in respect of
prescribed electricity assets that confers a right to the use or possession of
the assets for a term extending to a time, or commencing, more than 25 years
after the making of the lease;
"right" has the same meaning as in section 13.