Document ID: chunk:federal_register_of_legislation:C2021A00132:clause:1_65bj
Version: federal_register_of_legislation:C2021A00132
Segment Type: clause
Provision Reference: sch 1 cl 65BJ
Character Range: 18494–20326

65BJ  Borrowing
 (1) The NTAI Corporation must not borrow money for a purpose in connection with the NTAI Corporation's functions unless the borrowing is authorised by subsection (2) or under section 57 of the Public Governance, Performance and Accountability Act 2013.
 (2) The NTAI Corporation rules may prescribe:
 (a) circumstances in which the NTAI Corporation may borrow money for a purpose in connection with the NTAI Corporation's functions; and
 (b) limits or conditions on the borrowing of such money.
 (3) The Minister must not make NTAI Corporation rules for the purposes of subsection (2) without the written agreement of the Finance Minister.
 (4) NTAI Corporation rules made for the purposes of subsection (2) prevail over the following, to the extent of any inconsistency:
 (a) a written authorisation by the Finance Minister under paragraph 57(1)(b) of the Public Governance, Performance and Accountability Act 2013;
 (b) rules made for the purposes of paragraph 57(1)(c) of that Act.
Note: Section 57 of the Public Governance, Performance and Accountability Act 2013 deals with borrowing by a corporate Commonwealth entity.
 (5) A wholly‑owned subsidiary of the NTAI Corporation may borrow money from the NTAI Corporation (and the borrowing need not comply with subsection (2)).
 (6) Section 86 of the Public Governance, Performance and Accountability Act 2013 (which deals with subsidiaries of corporate Commonwealth entities) does not apply to the NTAI Corporation in relation to borrowings by subsidiaries authorised by subsection (5) of this section.
 (7) For the purposes of this Part, borrow includes raising money or obtaining credit, including by any of the following ways:
 (a) dealing in securities;
 (b) obtaining an advance on overdraft;
 (c) obtaining credit by way of credit card or credit voucher.