Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The
Authority’s board of management must notify the Minister if it forms the
opinion that the Authority is unable to, or will be unlikely to be able to,
satisfy any of its financial obligations from the financial resources
available or likely to be available to it at the time the financial obligation
is due.
(2) The notice is to
be in writing, giving reasons for the board’s opinion.
(3) Within 7 days
of receipt of the notice, the Minister must —
(a)
confer with the Treasurer and the Authority for the purpose of determining
what action is required to ensure that the Authority is able to satisfy the
relevant financial obligation when it is due; and
(b)
initiate such action as is required to ensure that the Authority is able to
satisfy the relevant financial obligation when it is due.
(4) For the purposes
of subsection (3) the Minister may, with the Treasurer’s
concurrence, give the Authority a direction under section 65 requiring
the Authority to cease or limit the performance of any function.