Section 114, The Public Financial Management Act, 2016

(1) Any acquisition of a share or ownership interest in acompany or other body corporate which causes the company or body corporate to be a public enterprise shall be made in accordance with this section. (2) The Minister shall, when the main Estimates for a financial year are being submitted for approval by Parliament, include for approval a schedule which shows detailed information about– (a) any acquisition of a share or ownership interest in a company or other body corporate during the financial year to be accounted for in the Consolidated Fund;and (b) any sale or disposal of a share or ownership interest in a company or other body corporate during the financial year which is accounted for in the Consolidated Fund. No. 13 Public Financial Management Act 2016 No. 13 Public Financial Management Act 201690 91 Budgets and planning documents. (3) A sub-vented agency, other entity in the central government, local council, Chiefdom Administration, other entity in the local government, or social security fund may not acquire a share or ownership interest in a company or other body corporate which causes the company or body corporate to be a public enterprise, unless it has been approved by Parliament on a proposal of the Minister. (4) The Minister shall not propose to Parliament under subsection (3) any acquisition of a share or ownership interest in a company or other body corporate, unless, in the Minister’s opinion,– (a) benefits from the acquisition outweigh costs of the acquisition; (b) such acquisition does not cause any fiscal rule or ceiling under this Act or the Fiscal Strategy Statement to be breached or exceeded; and (c) such acquisition is in accordance with the principles of responsible financial (5) The Minister may by statutory instrument specify methodologies, forms, and any other matters necessary for (6) The Minister may collect from any entity included in the general government any information necessary for preparing his opinion under subsection (4).