Education Legislation Act 2016

35 New section 220A inserted (Minister may require related entities to prepare statements or reports)

After section 220, insert:

220A Minister may require related entities to prepare statements or reports

(1)

If the Minister has reasonable grounds to believe that an institution may be at risk due to the institution’s investment in a related entity, the Minister may, by notice in writing, require the entity to prepare 1 or more statements or reports.

(2)

In considering whether an institution may be at risk, the Minister must apply the criteria (determined by the Secretary under section 195A) for assessing the level of risk to the operation and long-term viability of institutions.

(3)

Before issuing a notice under subsection (1), the Minister must consult the institution, or institutions, to which the entity is related.

(4)

The notice must specify—

(a)

which statements and reports are required; and

(b)

the financial years or other period (which may be until further notice) for which each statement or report is required.

(5)

In this section, statement or report has the meaning given by section 156A(4) of the Crown Entities Act 2004.