Document ID: chunk:federal_register_of_legislation:C2023C00407:section:38
Version: federal_register_of_legislation:C2023C00407
Segment Type: section
Provision Reference: s 38
Character Range: 49707–50802

38  Borrowing
 (1) The Future Fund Board must not borrow money for a purpose in connection with the Aboriginal and Torres Strait Islander Land and Sea Future Fund unless the borrowing is authorised by subsection (2) or (3).
 (2) The Future Fund Board is authorised to borrow money for a purpose in connection with the Aboriginal and Torres Strait Islander Land and Sea Future Fund if:
 (a) the purpose of the borrowing is to enable the Board to cover settlement of a transaction for the acquisition of one or more financial assets; and
 (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and
 (c) the period of the borrowing does not exceed 7 days; and
 (d) if the borrowing were to take place, the total amount borrowed by the Board would not exceed 10% of the balance of the Fund.
 (3) The Future Fund Board is authorised to borrow money for a purpose in connection with the Aboriginal and Torres Strait Islander Land and Sea Future Fund if the borrowing takes place in such circumstances (if any) as are specified in the rules.