Document ID: chunk:federal_register_of_legislation:C2016C00809:section:41:p2
Version: federal_register_of_legislation:C2016C00809
Segment Type: section
Provision Reference: s 41 (pt 2/3)
Character Range: 33225–35976

the borrowing or raising consists of, or includes, the issue of instruments—the issue of those instruments, and the form of those instruments, have been approved, in writing, by the Finance Minister;
 (c) the Finance Minister is satisfied that appropriate security has been, or is to be, given to the Commonwealth;
 (d) the Finance Minister is satisfied that appropriate undertakings have been given by the body corporate that the property over which security has been, or is to be, given in accordance with paragraph (c):
 (i) will be insured and kept insured to its full insurable value against all risks against which it is customary to insure;
 (ii) will not be sold or made the subject of a mortgage or charge having priority over the security; and
 (iii) will not be taken out of Australia for a destination outside Australia except after the giving of such security as the Finance Minister approves in writing;
 (e) the Finance Minister is satisfied that appropriate undertakings have been given by the body corporate that, while the contract or determination remains in force:
 (i) persons appointed or engaged under the Public Service Act 1999 and authorised in writing by the Minister will, at all reasonable times, have full and free access to the financial accounts of the body corporate; and
 (ii) the body corporate will do everything in its power to ensure that those persons so authorised will, at all reasonable times, have full and free access to the financial accounts of any body, whether corporate or unincorporate, in which the body corporate has, whether directly or indirectly, a controlling interest;
 (f) the Finance Minister is satisfied that appropriate undertakings have been given by the body corporate that any legal costs incurred by the Commonwealth in connection with the contract or determination will be met by the body corporate; and
 (g) such other conditions as the Finance Minister considers necessary are fulfilled.
 (5) A contract may be entered into under subsection (2), and a determination may be made under subsection (3), in relation to a particular transaction or a class of transactions.
 (6) A contract entered into under subsection (2) may include either or both of the following provisions:
 (a) a provision agreeing that proceedings under the contract may be taken in the courts, or a specified court, of a country other than Australia;
 (b) a provision waiving the immunity of the Commonwealth from suit in the courts, or a specified court, of a country other than Australia in relation to any proceedings that may be taken under the contract.
 (7) Where the Finance Minister enters into a contract under subsection (2), or makes a determination under subsection (3), in relation to a borrowing or