Victorian Current Acts

FINANCIAL MANAGEMENT ACT 1994 - SECT 53A

    (1)     This section applies to the following bodies—

S. 53A(1)(a) amended by No. 44/2001 s. 3(Sch. item 43.2).

        (a)     a corporation within the meaning of the Corporations Act (other than a State owned company within the meaning of the State Owned Enterprises Act 1992 ) all the shares in which are owned by or on behalf of the State or a statutory authority (whether or not a public statutory authority), whether directly or indirectly; and

        (b)     a body corporate declared by the Governor in Council under subsection (2) to be a body to which this section applies.

    (2)     The Governor in Council, by notice published in the Government Gazette, may declare a body corporate to be a body to which this section applies if—

        (a)     a member, or a member of the governing body, of the body corporate is appointed by the Governor in Council or a Minister; or

        (b)     the Governor in Council is satisfied that a primary object of the body corporate is to carry out a public function in relation to which it is registered, or holds a licence or other authority granted or issued, under an Act.

    (3)     The Governor in Council, by notice published in the Government Gazette, must declare a Minister to be the relevant Minister in relation to a body to which this section applies for the purposes of this section.

    (4)     A body to which this section applies must, as soon as practicable after the end of each financial year, submit to the relevant Minister of that body its annual report, including its audited financial statements, in respect of that financial year.

    (5)     Subject to subsections (6) and (7), the relevant Minister must cause the annual report to be laid before each House of the Parliament on or before 31 October each year or, if a House is not then sitting, on the first sitting day of that House after 31 October.

S. 53A(6) amended by No. 1/1998
s. 14(b).

    (6)     If it appears to the relevant Minister from the annual report that the expenses and obligations of the body in respect of the financial year do not exceed $5 000 000, the relevant Minister—

        (a)     must report to each House of the Parliament the receipt by him or her of the annual report; and

        (b)     if a member of either House of the Parliament so requests, must cause the annual report to be laid before each House of the Parliament within 14 sitting days of that House after the request.

    (7)     If the relevant Minister has not received the annual report in time for him or her to comply with subsection (5), the relevant Minister—

        (a)     must cause that fact and the reasons for it to be reported to each House of the Parliament; and

        (b)     must cause the annual report to be laid before each House of the Parliament as soon as practicable after it is received by him or her.

S. 54 amended by No. 75/1994 s. 7(5).