Document ID: chunk:federal_register_of_legislation:C2004A00102:body:0:p15
Version: federal_register_of_legislation:C2004A00102
Segment Type: other
Provision Reference: 
Character Range: 34879–37621

to its financial affairs.

Borrowing by Authority.
33. (1) The Authority may, with the approval of the Treasurer—

    (a) borrow moneys from an approved bank, the Australian Industrial Development Corporation or another lender for the purpose of the performance of its functions under this Act; and

(b) give security over any of its assets for the purpose of a borrowing referred to in paragraph (a).

(2) The Treasurer may, out of moneys appropriated by the Parliament for the purposes of this Act, make advances to the Authority of such amounts and on such terms as the Treasurer determines.

(3) The Authority shall not borrow otherwise than in accordance with this section.

(4) The Treasurer may, on behalf of Australia, guarantee the payment of amounts borrowed in accordance with sub-section (1) and the payment of interest on amounts so borrowed.

Bank accounts.
34. (1) The Authority may open and maintain an account or accounts with an approved bank or approved banks and shall maintain at all times at least one such account.

(2) The Authority shall pay all moneys of the Authority, including moneys borrowed by the Authority, into an account referred to in this section.

Application of moneys.
35. (1) The moneys of the Authority may be applied by the Authority—
(a) in payment or discharge of the costs, expenses and other obligations of the Authority; and
(b) in payment of remuneration and allowances payable to any person under this Act,
    but not otherwise.
(2) Moneys of the Authority not immediately required for the purposes of the Authority may be invested—
(a) on fixed deposit with an approved bank;
(b) in securities of Australia; or
(c) in any other manner approved by the Treasurer.

Profits of Authority.
36. (1) For the purposes of this Act, the profits of the Authority for a financial year are the amount, if any, remaining after deducting from the revenue received or receivable in respect of that financial year the expenditure, and provision for expenditure, properly chargeable against that revenue, including provision in respect of income tax payable by the Authority in relation to that financial year.
(2) The profits of the Authority for a financial year shall be applied in such manner as the Minister, with the concurrence of the Treasurer, determines.
(3) In making a determination under sub-section (2), regard shall be had to any advice which the Authority has furnished to the Minister in relation to the financial affairs of the Authority.

Purchase and disposal of assets.
37. The Authority shall not, without the approval of the Minister—
   (a) acquire any property, right or privilege for a consideration exceeding in amount or value $500,000 or, if a higher amount is prescribed, that