Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The board of a
corporation must notify the Minister if the board forms the opinion that the
corporation or a subsidiary is unable to, or will be unlikely to be able to,
satisfy any financial obligation, of the corporation or the subsidiary from
the financial resources available or likely to be available to the corporation
or the subsidiary at the time the financial obligation is due.
(2) The notice
must —
(a) be
in writing;
(b)
provide the reasons for the board’s opinion; and
(c)
provide such other information as the board considers relevant.
(3) Within 7 days
of receipt of the notice, the Minister must —
(a)
confer with the Treasurer and the board for the purpose of determining what
action is required to ensure that the corporation or subsidiary is able to
satisfy the relevant financial obligation when it is due; and
(b)
initiate such action as is required to ensure that the corporation or
subsidiary is able to satisfy the relevant financial obligation when it is
due.
(4) For the purposes
of subsection (3) the Minister may give directions to a corporation
including a direction requiring the corporation or any subsidiary to cease or
limit the performance of any function.
(5) The board of a
corporation must give effect to any such direction and must ensure that it is
complied with in relation to any relevant subsidiary.
(6) The Minister must,
within 14 days after a direction is given under subsection (4),
cause a copy of it to be laid before each House of Parliament or dealt with in
accordance with section 134.