(1) Except as otherwise provided by the regulations, ASIC must not, without
the approval of the Minister:
- (a)
- enter into a contract under which ASIC is
to pay or receive an amount exceeding $250,000 or, if a higher amount is
prescribed, that higher amount; or
- (b)
- enter into a lease of land for a period exceeding 10 years.
(2) In paragraph (1)(a):
contract does not include an agreement entered
into under subsection 120(3) or 121(1) or an agreement entered into in the
exercise of a power conferred by subsection 18(3) of the
Commonwealth Authorities and Companies Act 1997 .
Commonwealth Numbered Acts