A port authority must ¾

(a) keep the Minister reasonably informed of the operations, financial performance and financial position of the port authority and its subsidiaries, including the assets and liabilities, profits and losses and prospects of the port authority and its subsidiaries;

(b) give the Minister reports and information that the Minister requires for the making of informed assessments of matters mentioned in paragraph (a); and

(c) if matters arise that in the opinion of the board of the port authority may prevent, or significantly affect, achievement of the port authority's ¾

(i) objectives outlined in its statement of corporate intent; or

(ii) targets under its strategic development plan,

promptly inform the Minister of the matters and its opinion in relation to them.