248   Minimum standards

(1)  The Commissioner must cause to be prepared a written statement setting out minimum standards in relation to the exercise of any functions by a management company or submanagement company in accordance with this Part.

(2)  The Minister must cause the statement to be laid before each House of Parliament within 10 sitting days of that House after the execution of a management or submanagement agreement providing for the exercise of those functions by a management company or submanagement company.

(3)  The Commissioner may amend such a statement from time to time.

(4)  The Minister must cause the amended statement to be laid before each House of Parliament within 10 sitting days of that House after the statement is amended.

(5)  Nothing in this section requires a statement (including an amended statement) to be laid before a House of Parliament if such a statement in substantially the same terms has already been laid before that House.