(1) The Board shall -

(a) not later than 6 months after the commencement of this section, prepare and submit to the Minister a statement of strategy in respect of the period of 3 years immediately following the year in which the statement of strategy is so submitted, and

(b) not later than 3 months before the expiry of the period of 3 years to which the statement of strategy for the time being in effect applies, prepare and submit to the Minister a statement of strategy in respect of the period of 3 years immediately following the year in which the first-mentioned statement of strategy expires.

(2) The Board shall, before preparing and submitting a statement of strategy in accordance with subsection (1), seek and obtain the advice of the chief executive in relation thereto.

(3) The Board shall, in the preparation of a statement of strategy, have regard to the need to ensure the most effective and efficient use of the resources available to the Authority.

(4) A statement of strategy shall -

(a) except in the case of the statement of strategy first prepared, submitted and approved under this section, contain a review of the implementation of the immediately preceding statement of strategy,