Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In performing its functions, the Corporation must take all reasonable steps to comply with a direction given under this Division (other than subsection ( 3)) .
Note: See also subsection ( 5).
(2) As soon as practicable after the Board becomes aware that the Corporation has failed to comply with a direction given under this Division , the Board must, in writing:
(a) advise the responsible Ministers of that fact; and
(b) explain the circumstances in which the failure to comply with the direction occurred.
(3) If the responsible Ministers are satisfied that the Corporation has failed to comply with a direction given under this Division , the responsible Ministers may, by written notice given to the Board, direct the Board:
(a) if the Board has not given the Ministers a written explanation under subsection ( 2)--to give the responsible Ministers, within a period specified in the notice, a written explanation; and
(b) whether or not the Board has given the Ministers a written explanation under subsection ( 2)--to take action specified in the notice, within a period specified in the notice, in order to ensure that the Corporation complies with the direction.
(4) The Board must comply with a direction given by the responsible Ministers under subsection ( 3).
(5) Subsections ( 1) and (4) do not apply to the extent that the direction relates to the Board's performance of functions or exercise of powers under the Public Governance, Performance and Accountability Act 2013 in relation to the Corporation.
(6 ) A failure to comply with a direction given under this Division (including a direction under subsection ( 3)), does not affect the validity of any transaction.