(1)  In carrying out any of its functions, a council may –

(a) form or participate in the formation and operation of a corporation, trust, partnership or other body; and

(b) subscribe for, or otherwise acquire and dispose of, shares in or debentures or other securities of a corporation; and

(c) become a member of a company limited by guarantee; and

(d) subscribe for, or otherwise acquire and dispose of, units in a trust; and

(e) acquire and dispose of an interest in a partnership or other body; and

(f) enter into partnership or into any arrangement for sharing of profits, union of interest, cooperation, joint venture, reciprocal concession or otherwise, with any person carrying on, or engaged in, or about to carry on or engage in, any business or transaction capable of being conducted so as to directly or indirectly benefit the community; and

(g) undertake a project or activity not directly authorized by this or another Act for the purpose of raising revenue.

(1A)  A motion by a council to exercise any of its powers under subsection (1) must be accompanied by a statement of the objectives of the exercise of that power.

(2)  A council must obtain the approval of the Minister before exercising any of its powers under subsection (1) if the exercise of that power would –

(a) involve an expenditure of at least $250 000 or 5% or more of its general rates revenue for the previous financial year, whichever is the greater; or

(b) extend the council's expenditure required to service its total borrowings to an amount in excess of 30% of its revenue other than grants made to the council for the previous financial year.

(3)  Before giving an approval, the Minister may require a council to –

(a) invite submissions from the public or conduct an elector poll in relation to the proposed exercise of any power; and

(b) consider any submissions and the result of an elector poll; and

(c) provide any further information the Minister requires.

(4)  A council may exercise any power under subsection (1) outside the boundaries of its municipal area if that exercise is consistent with the competitive neutrality principles.

(5)  The general manager is to report to the council –

(a) at least once every 3 months in respect of the performance of any activities carried out pursuant to subsection (1) and any strategic issues related to those activities; and

(b) any adverse developments that significantly affect or are likely to significantly affect the financial viability, the operating viability or any other aspect of any of those activities.