Commonwealth Numbered Acts Commonwealth Numbered Acts(1) The Board must take all reasonable steps to ensure that the Corporation and its subsidiaries comply with the Investment Mandate.
(2) As soon as practicable after the Board becomes aware that the Corporation or one of its subsidiaries has failed to comply with the Investment Mandate, the Board must give the responsible Ministers a written statement:
(a) informing the responsible Ministers; and
(b) setting out the action that the Board proposes to take in order to ensure that the Corporation or subsidiary complies with the Investment Mandate.
(3) If the responsible Ministers are satisfied that the Corporation or one of its subsidiaries has failed to comply with the Investment Mandate, the responsible Ministers may (whether or not the Board has given the Ministers a statement under subsection (2)), by written notice given to the Board, direct the Board:
(a) to give the responsible Ministers, within a period specified in the notice, a written explanation; and
(b) to take action specified in the notice, within a period specified in the notice, in order to ensure that the Corporation or subsidiary complies with the Investment Mandate.
(4) The Board must comply with a direction under subsection (3).
(5) A failure to comply with:
(a) the Investment Mandate; or
(b) a direction under subsection (3);
does not affect the validity of any transaction.
(6) A direction under subsection (3) is not a legislative instrument.