Document ID: chunk:federal_register_of_legislation:C2004A02105:body:0:p2
Version: federal_register_of_legislation:C2004A02105
Segment Type: other
Provision Reference: 
Character Range: 2464–5261

7. Section 51b of the Principal Act is repealed and the following section substituted:
Sale of Treasury Bonds
"51b. The manner in which, the prices at which and the terms and conditions (including terms and conditions as to redemption and interest) on which Treasury Bonds, Debentures and other prescribed securities may be issued and sold shall be as directed by the Governor-General.".
8. After Part Va of the Principal Act the following Part is inserted:

"PART Vb—DELEGATIONS AND AUTHORIZATIONS

Delegation by Governor-General and authorization by Treasurer
"51h. (1) The Governor-General may, either generally or as otherwise provided by the instrument of delegation, by writing under his hand, delegate to the Treasurer all or any of his powers under sections 7 and 51b.
"(2) The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing under his hand, authorize—
    (a) a specified person;
    (b) a person for the time being holding or performing the duties of a specified office in the Australian Public Service; or
    (c) a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service,
to exercise a power that has been delegated to the Treasurer under sub-section (1).
"(3) Any act or thing done—
    (a) by the Treasurer in the exercise of a power delegated to him under sub-section (1); or
    (b) by a person in the exercise of a power pursuant to an authorization by the Treasurer under sub-section (2),
has the same force and effect as if it had been done by the Governor-General.
"(4) A delegation under sub-section (1) does not prevent the exercise of a power by the Governor-General.
"(5) The giving of an authorization under sub-section (2) does not prevent the exercise of a power by the Treasurer.

Directions by Governor-General and Treasurer
"51j. Where the Governor-General has delegated a power to the Treasurer under section 51h—
    (a) the Governor-General may give directions to the Treasurer with respect to the exercise of that power; and
    (b) if the Treasurer has under sub-section 51h (2) authorized another person to exercise that power, the Treasurer—
       (i) shall, if the Governor-General gives a direction to the Treasurer under paragraph (a) with respect to the exercise of that power, give a corresponding direction to the other person; and
       (ii) may, subject to any direction given to the Treasurer under paragraph (a), give directions to the other person with respect to the exercise of that power.".
9. Section 53 of the Principal Act is repealed and the following section substituted:

Audit
"53. (1) The Auditor-General shall inspect and audit the accounts and records of Registries established under section 14 and shall forthwith draw the