Document ID: chunk:federal_register_of_legislation:C2014C00368:section:41
Version: federal_register_of_legislation:C2014C00368
Segment Type: section
Provision Reference: s 41
Character Range: 34041–36272

41  Guarantee of borrowings by Authority
 (1) The Finance Minister may, on behalf of the Commonwealth, enter into a contract guaranteeing:
 (a) the performance by the Authority of obligations incurred by it under section 40; or
 (b) the performance by a company that is a wholly owned subsidiary of the Authority of obligations arising out of a borrowing by the company.
 (2) If the Finance Minister determines in writing that:
 (a) obligations incurred by the Authority under section 40; or
 (b) obligations arising out of a borrowing by a company that is a wholly owned subsidiary of the Authority;
are guaranteed by the Commonwealth, the obligations become so guaranteed.
 (3) A contract under subsection (1) may include:
 (a) a provision agreeing that proceedings under the contract may be taken in courts of a foreign country; or
 (b) a provision waiving the immunity of the Commonwealth from suit in courts of a foreign country.
 (4) For the purposes of this section, a company is a wholly owned subsidiary of the Authority if the company is a subsidiary of the Authority and none of the members of the company is a person other than:
 (a) the Authority; or
 (b) a nominee of the Authority; or
 (c) a subsidiary of the Authority none of whose members is a person other than the Authority or a nominee of the Authority; or
 (d) a nominee of a subsidiary referred to in paragraph (c).
 (5) Where the Finance Minister guarantees such a borrowing, the Finance Minister must cause to be laid before each House of Parliament, within 15 sitting days of that House after the contract is entered into or the determination made, a notice specifying the amount and term of the borrowing and such other information relating to the borrowing or the guarantee as the Finance Minister considers appropriate.
 (6) The Finance Minister may, by written instrument, delegate any of the Finance Minister's powers or functions under this section to an official (within the meaning of the Public Governance, Performance and Accountability Act 2013) of a non‑corporate Commonwealth entity (within the meaning of that Act). In exercising powers or functions under a delegation, the official must comply with any directions of the Finance Minister.