139BMinister may grant extension of time for, or waive, requirement to provide statement of intent

1. If a Crown entity is likely to have a significant change in the nature or scope of its functions, the responsible Minister may grant the Crown entity an extension, of up to 1 year, of the period specified in section 139(3).

2. However, the responsible Minister must not grant an extension unless he or she is satisfied that the extension will enable the entity to improve the quality of the statement of intent that it provides.

3. If a Crown entity is likely to be disestablished or, in the case of a Crown entity company, removed from the register under the Companies Act 1993, the responsible Minister may grant the entity a waiver of the requirements in section 139.

4. If the responsible Minister grants an extension or a waiver under this section,—

5. the responsible Minister must, as soon as practicable after granting the extension or waiver, notify the Crown entity of the extension or waiver and the Minister's reasons for granting it; and
6. the Crown entity must, as soon as practicable after receiving notice under paragraph (a), publish notice of the extension or waiver, and the Minister's reasons for granting it, on an Internet site maintained by or on behalf of the Crown entity; and
7. the Crown entity must include, in the next annual report that it provides to its responsible Minister for presentation to the House of Representatives under section 150, a statement of the extension or waiver and the Minister's reasons for granting it.