Document ID: chunk:federal_register_of_legislation:C2004A03947:body:0:p19
Version: federal_register_of_legislation:C2004A03947
Segment Type: other
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Character Range: 46610–49358

forming part of the day-to- day operations of the Board;".

Section 71:

    Repeal the section, substitute the following sections:

Borrowing by the Board

"71. (1) The Board may, with the written approval of the Minister, borrow money on terms and conditions specified in, or consistent with, the approval.

"(2) An approval may be given in relation to a particular transaction or a class of transactions.

"(3) Money may be borrowed under subsection (1) wholly or partly in foreign currency.

Guarantee of borrowing

"71a. (1) The Treasurer may, on behalf of the Commonwealth, enter into a contract guaranteeing the performance by the Board of obligations incurred by it under section 71.

"(2) If the Treasurer determines in writing that obligations incurred by the Board under section 71 are guaranteed by the Commonwealth, the obligations are so guaranteed by force of this subsection.

"(3) A contract under subsection (1) may include:

    (a) a provision agreeing that proceedings under the contract may be taken in courts of a foreign country; or

    (b) a provision waving the immunity of the Commonwealth from suit in courts of a foreign country.

 "(4) This section does not apply to obligations arising out of a borrowing from the Commonwealth.

  Borrowing not otherwise permitted

"71b. The Board must not borrow money except under section 71 or 77.

SCHEDULE—continued

Board may give security

"71c. The Board may give security over the whole or part of its assets for:

    (a) the performance by the Board of any obligation incurred under section 71; or

    (b) the payment to the Commonwealth of amounts equal to amounts paid by the Commonwealth under a guarantee under section 71a.".

Section 74:

Omit from paragraphs (1) (c) and (4) (c) "or raising" (wherever occurring).

After subsection 77 (2):

Insert the following subsections:

"(2a) An approval may be given in relation to a particular transaction or a class of transactions.

"(2b) Money may be borrowed under subsection (1) wholly or partly in foreign currency.".

Subsection 78 (1):

Omit "repayment of the borrowing", substitute "discharging of the liability".

After subsection 78 (1):

Insert the following subsection:

"(1) The Board must not use an amount paid to it under subsection (1) except for the discharging of the liability concerned.".

Subsection 78 (3):

Omit from paragraphs (a) and (b) "repayment of", substitute "discharging of a liability under".

Paragraph 79 (4) (c):

Omit "or raising".

Subsection 87 (2):

Omit "39e", substitute "12".

NOTE

1. No. 90, 1987, as amended. For previous amendments, see No. 51, 1988.

[Minister's second reading speech made in—
      House of Representatives on 31 October 1989 Senate on 19 December 1989]