Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Despite
sections 27 and 29, the corporation must obtain the approval of the
Minister before a transaction to which this section applies is entered into.
(2) This section
applies to a transaction if —
(a) it
is to be entered into by the corporation or a subsidiary of the corporation;
(b) it
is not exempt under section 33; and
(c) the
corporation’s liability exceeds the prescribed amount.
(3) For the purposes
of subsection (2)(c) the corporation’s liability is the amount or
value of the consideration or the amount to be paid or received by the
corporation or a subsidiary, ascertained as at the time when the transaction
is entered into.
(4) The prescribed
amount is the greater of —
(a) a
sum equal to 0.25% of the written down value of the corporation’s
consolidated fixed assets and investments as appearing in its last audited
accounts; or
(b) the
sum of $15 million.
(5) In this section
and section 33 —
transaction —
(a)
includes a contract or other arrangement or any exercise of the power
conferred by section 29(2)(g); and
(b) does
not include any transaction under section 80 or 82.