s.27Annual ownership agreement
27
Section 27Part 2 — Establishment, Capital and Administration of Authority

Annual ownership agreement

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The Authority shall prepare an annual ownership agreement for each financial year.
An annual ownership agreement shall contain —
a description of the nature and scope of the activities of the Authority during that financial year;
the strategic goals and objectives of the Authority for that financial year and the following two financial years;
ownership performance targets of the Authority for the financial year, including the targets for those aspects of ownership performance set out in Schedule 3;
forecast financial statements of the Authority for the financial year, which shall —
be consistent with the forecast financial statements in the annual plan and estimates for that financial year; and
contain the statements and information set out in Schedule 4;
details of any equity investment to be made by the Government in the Authority planned for the financial year;
details of any capital withdrawals to be made by the Government from the Authority planned for the financial year;
details of any dividends or profit distributions forecast to be paid by the Authority during the financial year;
details of any loans to the Authority proposed to be made by the Government during the financial year; and
details of any guarantees relating to the Authority proposed to be made by the Government during the financial year.
A draft ownership agreement for a financial year shall be —
prepared in accordance with the timetable established each year by the Cabinet which shall be established by the Cabinet by the 1st October each year;
available for review by the Cabinet as part of the Cabinet's collective review phase of the budget process; and
presented to the Legislative Assembly by the Minister or by a member of Cabinet acting on his behalf at the same time as the annual plan and estimates for that financial year which shall occur by the 1st May of each year.
A finalised ownership agreement shall be —
prepared immediately the legislative review phase of the budget process has been completed;
signed by a member of the Cabinet on behalf of the Cabinet, and by the chairman on behalf of the Authority, no later than the beginning of the financial year; and
prepared to the Legislative Assembly by the Minister or by a member of Cabinet acting on his behalf on the next sitting day of the Legislative Assembly after it has been signed.
As soon as the draft ownership agreement or the finalised ownership agreement is presented to the Legislative Assembly it shall be a public document and the Authority shall provide a copy to any person requesting one on payment of a copying charge prescribed by regulations made by the Cabinet.
The Authority's annual ownership agreement may be modified at any time by agreement between the Authority and the Cabinet.
Any amendments to the annual ownership agreement made under subsection (6) shall be in writing and presented to the Legislative Assembly, and subsection (5) shall apply to the amended plan.

Defined Terms

annual ownership agreementownership performance targetsforecast financial statementsequity investmentcapital withdrawals

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