Document ID: chunk:federal_register_of_legislation:C2017C00269:section:59
Version: federal_register_of_legislation:C2017C00269
Segment Type: section
Provision Reference: s 59
Character Range: 71326–72842

59  Investment by corporate Commonwealth entities
 (1) A corporate Commonwealth entity must not invest relevant money for which the entity is responsible unless:
 (a) the money is not immediately required for the purposes of the entity; and
 (b) the money is invested:
 (i) on deposit with a bank, including a deposit evidenced by a certificate of deposit; or
 (ii) in securities of, or securities guaranteed by, the Commonwealth, a State or a Territory; or
 (iii) in any other form of investment authorised by the Finance Minister in writing; or
 (iv) in any other form of investment prescribed by the rules; or
 (v) for a government business enterprise—in any other form of investment that is consistent with sound commercial practice.
 (2) A spending limit provision in the corporate Commonwealth entity's enabling legislation does not apply to a contract for the investment of money under subsection (1), unless the provision expressly states that it applies to such a contract.
 (3) A spending limit provision in a corporate Commonwealth entity's enabling legislation is a provision in that legislation to the effect that the entity must not enter into a contract involving the expenditure or payment of more than a specified amount of money without the approval of a specified person.
 (4) An authorisation under subparagraph (1)(b)(iii) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to it.

Division 6—Indemnities, guarantees, warranties and insurance