Document ID: chunk:federal_register_of_legislation:C2004A05288:section:22
Version: federal_register_of_legislation:C2004A05288
Segment Type: section
Provision Reference: s 22
Character Range: 18474–19802

22  Borrowing transactions

 (1) Any borrowing transaction entered into by the Board before the commencement of this section for any of the following purposes:
 (a) the making of advance payments for pool return wheat, being new season wheat;
 (b) the making of payments in lieu of final payments for such wheat;
 (c) the meeting of operational expenses incurred in connection with the sale or disposal of such wheat;
is taken to be, and at all relevant times to have been, a borrowing transaction entered into by the Board in the capacity of agent of nominated company A for the purpose of on-lending the money to nominated company B so that nominated company B can use the money for the first-mentioned purpose or purposes.

 (2) If, under subsection (1), nominated company A is taken to have borrowed money for the purpose of on-lending the money to nominated company B:
 (a) the borrowing by nominated company A is taken to have been approved under subsection 77A(1) of the Wheat Marketing Act 1989; and
 (b) nominated company A is taken to have on‑lent the money to nominated company B; and
 (c) the terms and conditions on which the money is taken to have been on‑lent to nominated company B are taken to be the terms and conditions set out in a written instrument made by the Board for the purposes of this subsection.