Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 53A

Annual reports of State-owned corporations and other bodies

53A. Annual reports of State-owned corporations and other bodies



(1) This section applies to the following bodies-

   (a)  a corporation within the meaning of the Corporations Act (other than a
        State owned company within the meaning of the
        State Owned Enterprises Act 1992) all the shares in which are owned by
        or on behalf of the State or a statutory authority (whether or not a
        public statutory authority), whether directly or indirectly; and

   (b)  a body corporate declared by the Governor in Council under subsection
        (2) to be a body to which this section applies.

(2) The Governor in Council, by notice published in the Government Gazette,
may declare a body corporate to be a body to which this section applies if-

   (a)  a member, or a member of the governing body, of the body corporate is
        appointed by the Governor in Council or a Minister; or

   (b)  the Governor in Council is satisfied that a primary object of the body
        corporate is to carry out a public function in relation to which it is
        registered, or holds a licence or other authority granted or issued,
        under an Act.

(3) The Governor in Council, by notice published in the Government Gazette,
must declare a Minister to be the relevant Minister in relation to a body to
which this section applies for the purposes of this section.

(4) A body to which this section applies must, as soon as practicable after
the end of each financial year, submit to the relevant Minister of that body
its annual report, including its audited financial statements, in respect of
that financial year.

(5) Subject to subsections (6) and (7), the relevant Minister must cause the
annual report to be laid before each House of the Parliament on or before 31
October each year or, if a House is not then sitting, on the first sitting day
of that House after 31 October.

(6) If it appears to the relevant Minister from the annual report that the
expenses and obligations of the body in respect of the financial year do not
exceed $5 000 000, the relevant Minister-

   (a)  must report to each House of the Parliament the receipt by him or her
        of the annual report; and

   (b)  if a member of either House of the Parliament so requests, must cause
        the annual report to be laid before each House of the Parliament
        within 14 sitting days of that House after the request.

(7) If the relevant Minister has not received the annual report in time for
him or her to comply with subsection (5), the relevant Minister-

   (a)  must cause that fact and the reasons for it to be reported to each
        House of the Parliament; and

   (b)  must cause the annual report to be laid before each House of the
        Parliament as soon as practicable after it is received by him or her.