Western Australian Consolidated Regulations Western Australian Consolidated Regulations (1) The IMO is not to
exercise the power conferred by regulation 48(2)(a) except with, and in
accordance with, the Treasurer’s approval.
(2) Without limiting
subregulation (1), the Treasurer’s approval may be given by way of
a notice under subregulation (3).
(3) The Treasurer may,
by notice to the IMO, impose monetary limits on the exercise of the power
conferred by regulation 48(2)(a).
(4) A monetary limit
is to be determined for the exercise of that power in a financial year
specified by the Treasurer and may relate to —
(a) the
total amount that can be outstanding at any one time during that year as a
result of the exercise of that power; or
(b) the
total liabilities that can be incurred during that year as a result of the
exercise of that power.
(5) A monetary limit
for the time being in force may be varied for a subsequent financial year by
the Treasurer by a further notice under subregulation (3).
(6) A monetary limit
for the time being in force continues to apply until it is so varied.
(7) The Treasurer may,
by notice to the IMO, impose other conditions on the exercise of the power
conferred by regulation 48(2)(a) or vary a condition for the time being
in force.
(8) The IMO must
comply with any monetary limit or other condition for the time being in force
in relation to it.
(9) A liability of the
IMO is not unenforceable or in any way affected by a failure of the IMO to
comply with this regulation.
(10) No person dealing
with the IMO is bound or concerned to enquire whether the IMO has complied or
is complying with this regulation.