| 1) | The Head of Agency shall ensure that any agreement to provide a Government loan or guarantee shall contain conditions requiring the recipient organisation to: |
 | (a) | within one month of the finalisation of the recipient organisation’s audited financial statements, obtain a copy of those audited annual financial statements; |
| (b) | each year, ascertain from the audited financial statements, the financial position of the recipient organisation; and |
| (c) | inform the Secretary and the Auditor-General should any irregularity be discovered or if it is evident that the financial position of the relevant organisation may or will: |
| | (i) | in the case of a Government loan, cause the organisation to be unable to meet the costs involved in relation to its borrowings; or |
| | (ii) | in the case of a Government guarantee, involve a liability upon State funds. |
| 2) | The Head of Agency shall, during the term of every Government loan or guarantee: |
| (a) | within one month of the finalisation of the recipient organisation’s audited financial statements, obtain a copy of those audited annual financial statements; |
| (b) | each year, ascertain from the audited financial statements, the financial position of the recipient organisation; and |
| (c) | inform the Secretary and the Auditor-General should any irregularity be discovered or if it is evident that the financial position of the relevant organisation may or will: |
| | (i) | in the case of a Government loan, cause the organisation to be unable to meet the costs involved in relation to its borrowings; or |
| | (ii) | in the case of a Government guarantee, involve a liability upon State funds. |
