Public Finance Management Act [Chapter 22:19] as amended as at 28 October 2016 (a) the establishment or participation in the establishment of a company or subsidiary by the public entity; (b) participation to a significant extent by the public entity in a partnership, trust, unincorporated joint venture or similar arrangement; (c) the acquisition or disposal of a significant shareholding in a company; (d) the acquisition or disposal of a significant asset; (e) the commencement or cessation of a significant business activity; or (f) any other transaction which involves a significant change in the nature or extent of its interest in a partnership, trust, unincorporated joint venture or similar arrangement: Provided that if the appropriate Minister lodges no objections in writing to any such transaction within thirty days of being notified thereof, the transaction concerned shall be deemed to have been approved by the appropriate Minister. (4) The Minister may exempt in writing any public entity from complying with subsection (3). 49 Annual reports and financial statements (1) The accounting authority for a public entity shall— (a) keep full records of the financial affairs of the public entity; (b) prepare financial statements for each quarter of each financial year in accordance with generally accepted accounting practice; 22 (c) submit the financial statements referred to in paragraph (b) within two months after the end of the financial year— (i) to the auditors of the public entity for auditing; and (ii) to the Accountant-General within 21 days after the end of each quarter 23; and (iii) if it is a designated corporate body or specified public entity, to the Treasury; (d) submit within five months of the end of a financial year to the Treasury, to the appropriate Minister and, if the Auditor-General did not perform the audit of the financial statements, to the Auditor-General— (i) an annual report on the activities of that public entity during that financial year; (ii) the financial statements for that financial year after the statements have been audited; and (iii) the report of the auditors on those statements. (2) The annual report and financial statements referred to in subsection (1)(d) shall— (a) fairly present the state of affairs of the public entity, its business, its financial results, its performance against predetermined objectives and its financial position as at the end of the financial year concerned; (b) include particulars of— 22 Paragraph as substituted by Act 6/2016 with effect from 28th October 2016 (the difference being the addition of the words “each quarter of”).. 23 Paragraph as amended by Act 6/2016 with effect from 28th October 2016. (insertion of words “within 21 days after the end of each quarter”). - 32 -