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Loans Securities Amendment Act 1988

No. 131 of 1988

An Act to amend the Loans Securities Act 1919

[Assented to 22 December 1988]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title etc.
1. (1) This Act may be cited as the Loans Securities Amendment Act 1988.
(2) In this Act, "Principal Act" means the Loans Securities Act 19191.

Commencement
2. This Act commences on the day on which it receives the Royal Assent.
3. Section 3 of the Principal Act is repealed and the following section is substituted:

Conditions of loans
"3. (1) Where under an Act the Treasurer has the authority to borrow money in accordance with the Commonwealth Inscribed Stock Act 1911 or any Act authorising the issue of Treasury bills, the Governor-General may, in spite of anything in those Acts, in writing, authorise the Treasurer:
     (a) to borrow the money in amounts not exceeding, in the aggregate, such amount as the Governor-General determines;
     (b) to borrow the money:
         (i) either by way of a single borrowing or by way of a program of borrowings, as the Governor-General determines;
         (ii) in such manner as the Governor-General determines; and
         (iii) at prices, and on terms and conditions, that are not less favourable to the Commonwealth than the prices, and the terms and conditions, determined by the Governor-General; and
     (c) to issue, in such form as the Governor-General determines, such stock and securities as the Governor-General determines.
"(2) An authority under subsection (1) may, instead of determining any matter referred to in paragraph (1) (b) or (c), authorise the Treasurer to determine that matter and, in that case, the Treasurer is empowered to determine, in writing, that matter.".
4. After section 5 of the Principal Act the following sections are inserted:

Powers of Treasurer in relation to borrowings outside Australia
"5a. Where the Treasurer is authorised to borrow money outside Australia, the Treasurer may, for the purposes of the borrowing:
     (a) enter into agreements with banks or other financial institutions;
     (b) enter into fiscal agency agreements;
     (c) in relation to the issue of any stock or security:
         (i) issue information memoranda in relation to the stock or security; and
         (ii) issue any document necessary for the listing of the stock or security on any stock exchange or security market; and
     (d) take any action (including the signing of any document) required or permitted to be taken by or on behalf of the Commonwealth:
         (i) under any agreement referred to in paragraph (a) or (b) or following the issue of a document under paragraph (c); or
         (ii) for any purpose relating to the borrowing.

Power of