Document ID: chunk:federal_register_of_legislation:C2004A04677:body:0:p20
Version: federal_register_of_legislation:C2004A04677
Segment Type: other
Provision Reference: 
Character Range: 52986–55789

to:

  (e) an individual; or

  (f) a body corporate (other than a Regional Council or the TSRA); or

  (g) an unincorporated body;

for the purpose of furthering the social, economic or cultural development of Aboriginal persons or Torres Strait Islanders.

 "(2) A grant or loan is subject to such terms and conditions as the Commission determines.

 "(3) The Commission may acquire by agreement an interest in land, or personal property, for the purpose of making a grant under this section.

Commission may give guarantees

"15.(1) If the Commission is satisfied that the purpose of a loan made or to be made to:

  (a) an individual; or

  (b) a body corporate; or

  (c) an unincorporated body;

is a purpose for which the Commission could, in the performance of its functions, make a loan to that borrower, the Commission may guarantee the due payment of all money (including interest) payable by the borrower in accordance with the terms and conditions of the loan.

"(2) The Commission's power to give guarantees is subject to such limits as the Treasurer determines as to the total amount of money (other than interest) the payment of which may at any time be the subject of guarantees.

"(3) A guarantee is subject to such terms and conditions as the Commission determines.

Commission may make grants and loans to State and Territory governments etc.

  "16.(1) The Commission may make a grant of money to:

  (a) a State; or

  (b) the Australian Capital Territory; or

  (c) the Northern Territory; or

    (d) an authority of a State or a Territory (including a local government body);

for the purpose of furthering the social, economic or cultural development of Aboriginal persons or Torres Strait Islanders.

  "(2) The Commission may make a loan of money to:

  (a) a State; or

  (b) the Australian Capital Territory; or

  (c) the Northern Territory; or

    (d) an authority of a State or a Territory (including a local government body);

for the purpose of furthering the social, economic or cultural development of Aboriginal persons or Torres Strait Islanders.

 "(3) A grant or loan is subject to such terms and conditions as the Commission determines.

Commission may subscribe for shares in the capital of a body corporate etc.

"17. The Commission may subscribe for, or otherwise acquire, shares or stock in the capital of a body corporate for the purpose of furthering the social, economic or cultural development of Aboriginal persons or Torres Strait Islanders.".

Repeal of sections and substitution of new section

45. Sections 22, 23, 24 and 25 of the Principal Act are repealed and the following section is substituted:

Commission to formulate decision-making principles about grants, loans and guarantees

"22.(1) The Commission must formulate written principles