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IFI to prepare and submit corporate plan for Minister’s approval.
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41.— (1) IFI shall, in accordance with this section, prepare, adopt and, at the times specified in subsection (2), submit to the Minister for approval a 5 year rolling corporate plan for the 5 year period following the date of its submission.
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(2) A corporate plan must be submitted at the following times—
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(a) within 6 months after the establishment day,
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(b) within 6 months after the appointment of a person as a Minister of the Government having charge of the Department of Communications, Energy and Natural Resources, if that person requests that a corporate plan be submitted, or
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(c) at the end of the 5 year period since the last corporate plan was submitted.
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(3) The corporate plan must be prepared, having regard to the functions of IFI, and in a form and manner in accordance with any directions issued by the Minister and must specify—
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(a) the key objectives of IFI for the 5 year period concerned and the strategies for achieving those objectives,
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(b) the manner in which IFI proposes to measure its achievement of those objectives, and
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(c) the uses for which IFI proposes to apply its resources.
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(4) In preparing the corporate plan, IFI shall have regard to the policies of the Government or a Minister of the Government to the extent that those policies may affect or relate to the functions of IFI.
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(5) Within 3 months after receiving a corporate plan, the Minister shall—
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(a) approve the plan, or
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(b) if the plan is not amended in accordance with any directions that may be issued by the Minister to IFI, refuse to approve the plan.
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(6) An approved corporate plan may be amended by the Minister at any time or may be amended by IFI, but in the latter case only after—
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(a) IFI submits the proposed amendment to the Minister for approval, and
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(b) the amendment is approved by the Minister.
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(7) Subsections (5) and (6) apply with the necessary modifications in respect of an amendment by IFI to an approved corporate plan.
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(8) Nothing in a corporate plan is to be taken to prevent IFI from, or to limit IFI in, performing its functions.
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