Document ID: chunk:federal_register_of_legislation:C2014C00390:section:18
Version: federal_register_of_legislation:C2014C00390
Segment Type: section
Provision Reference: s 18
Character Range: 21989–23343

18  Authority's borrowing transactions may become the Commonwealth's borrowing transactions
 (1) The Treasurer may, before the corporatisation date, by notice in the Gazette, declare that, at a stated time (the transfer time) before the corporatisation date, the Authority's rights and obligations under specified borrowing transactions:
 (a) cease to be rights and obligations of the Authority; and
 (b) become rights and obligations of the Commonwealth.
Note: A borrowing transaction may be specified by name, by inclusion in a named class of borrowing transactions or in any other way.
 (2) The declaration has effect accordingly.
 (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies, whether by terminating those obligations or otherwise.
 (4) Clause 3 of Schedule 1 applies to rights and obligations to which subsection (1) of this section applies as if they were assets and liabilities transferred from the Authority to the Commonwealth under a transfer instrument to which that Schedule applies.
 (5) Clause 4 of Schedule 1 has effect as if references in that clause to the operation of that Schedule included the making of a declaration under subsection (1) of this section.
 (6) The Authority must not enter into any borrowing transactions after the transfer time.