Western Australian Consolidated Acts

PORT AUTHORITIES ACT 1999 - SECT 40

40 .         Transactions that require Ministerial approval

        (1)         Despite sections 30 and 35, a port authority must get the Minister’s approval before it enters into a transaction to which this section applies.

        (2)         The Minister is not to give approval under subsection (1) except with the Treasurer’s concurrence.

        (3)         This section applies to a transaction if — 

            (a)         it is to be entered into by a port authority or a subsidiary of a port authority;

            (b)         it is not exempt under section 41; and

            (c)         the port authority’s liability exceeds the prescribed amount.

        (4)         For the purposes of subsection (3)(c) a port authority’s liability is the amount or value of the consideration or the amount to be paid or received by the port authority or a subsidiary, ascertained as at the time when the transaction is entered into.