Document ID: chunk:federal_register_of_legislation:C2018A00139:clause:1_47c
Version: federal_register_of_legislation:C2018A00139
Segment Type: clause
Provision Reference: sch 1 cl 47C
Character Range: 3847–4806

47C  Purpose of the Account
 (1) The purpose of the Account is to make loans to the NHFIC for the NHFIC to later apply in accordance with subsection (2).
Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).
 (2) The NHFIC may apply such loans:
 (a) for making loans in the performance of its function mentioned in paragraph 8(1)(a); or
 (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.
Note: This subsection confers a function on the NHFIC to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how the NHFIC applies those loans.
 (3) Subsection (2) does not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of the NHFIC.