Document ID: chunk:federal_register_of_legislation:C2014C00390:section:20
Version: federal_register_of_legislation:C2014C00390
Segment Type: section
Provision Reference: s 20
Character Range: 23782–25225

20  Commonwealth takeover of obligations—payments by the Authority to the Commonwealth
 (1) If a declaration is made under subsection 18(1) in respect of rights and obligations under borrowing transactions, the Authority must, in consideration of the transfer of those rights and obligations to the Commonwealth, pay to the Commonwealth an amount determined by the Finance Minister.
 (2) The determination is to be in writing and expressed to take effect immediately after the transfer time.
 (3) The amount to be determined is to be the amount agreed between the Commonwealth, New South Wales and Victoria.
 (4) When an amount is determined under subsection (1), the Finance Minister must, before the corporatisation date, lend to the Authority, on behalf of the Commonwealth, an amount equal to the amount determined.
 (5) The loan is to be subject to such terms and conditions as to payment of interest and repayment of principal as are notified in writing by the Finance Minister to the Authority when the loan is made.
 (6) The terms and conditions to be notified are those agreed between the Commonwealth, New South Wales and Victoria.
 (7) The amount to be lent under subsection (4) is to be used to pay the amount required to be paid under subsection (1).
 (8) To avoid doubt, the payment referred to in subsection (7) operates to extinguish the liability to pay the amount referred to in subsection (1).

Subdivision C—Miscellaneous