Document ID: chunk:federal_register_of_legislation:C2024C00635:section:37
Version: federal_register_of_legislation:C2024C00635
Segment Type: section
Provision Reference: s 37
Character Range: 31084–31879

37  Borrowing
 (1) Subject to this section, the Corporation may, with the written approval of the Minister and not otherwise, borrow money on terms and conditions specified in, or consistent with, the approval.
 (2) The approval of the Minister is not required for a borrowing if the sum of:
 (a) the amount to be borrowed; and
 (b) any amounts previously borrowed by the Corporation for the same purpose as the first‑mentioned borrowing;
does not exceed $50,000 or, if a higher amount is prescribed, that higher amount.
 (3) Money may be borrowed wholly or partly in foreign currency.
 (4) Without derogating from the obligation of the Corporation to comply with this section, the validity of a borrowing is not affected merely because the borrowing was made in contravention of this section.