Document ID: chunk:federal_register_of_legislation:C2004A05288:clause:1_77a
Version: federal_register_of_legislation:C2004A05288
Segment Type: clause
Provision Reference: sch 1 cl 77A
Character Range: 67104–68480

77A  Borrowings by nominated company A—borrowed money to be on-lent to nominated company B to fund advance payments etc.

 (1) If the Minister approves, nominated company A may borrow money for the purpose of on-lending the money to nominated company B so that nominated company B can use the money for any of the following purposes:
 (a) the making of advance payments for pool return wheat;
 (b) the making of payments in lieu of final payments for such wheat;
 (c) the meeting of operational expenses incurred by nominated company B in connection with the sale or disposal of such wheat.

 (2) Nominated company A must not use money borrowed under subsection (1) otherwise than for on-lending the money as mentioned in that subsection.

 (3) Nominated company B must not use money on-lent to it as mentioned in subsection (1) otherwise than for a purpose mentioned in that subsection. This subsection does not prevent the investment of the money in accordance with section 70.

 (4) An approval under subsection (1) may be given unconditionally or subject to such terms and conditions as are specified in the approval.

 (5) An approval under subsection (1) may be given in relation to a particular transaction or a class of transactions.

 (6) Money may be borrowed under subsection (1) wholly or partly in foreign currency.

 (7) This section does not limit section 71.