Document ID: chunk:federal_register_of_legislation:C2024C00568:section:56
Version: federal_register_of_legislation:C2024C00568
Segment Type: section
Provision Reference: s 56
Character Range: 34864–36254

56  Guarantee of borrowings by Authority
 (1) The Finance Minister may, on behalf of the Commonwealth, enter into a contract guaranteeing:
 (a) the performance by the Authority of obligations incurred by it under section 55; or
 (b) the performance by a company that is a wholly owned subsidiary of the Authority of obligations arising out of a borrowing by the company.
 (2) If the Finance Minister determines in writing that:
 (a) obligations incurred by the Authority under section 55; or
 (b) obligations arising out of a borrowing by a company that is a wholly owned subsidiary of the Authority;
are guaranteed by the Commonwealth, the obligations become so guaranteed.
 (3) A contract under subsection (1) may include:
 (a) a provision agreeing that proceedings under the contract may be taken in courts of a foreign country; or
 (b) a provision waiving the immunity of the Commonwealth from suit in courts of a foreign country.
 (4) For the purposes of this section, a company is a wholly owned subsidiary of the Authority if the company is a subsidiary of the Authority and none of the members of the company is a person other than:
 (a) the Authority; or
 (b) a nominee of the Authority; or
 (c) a subsidiary of the Authority none of whose members is a person other than the Authority or a nominee of the Authority; or
 (d) a nominee of a subsidiary referred to in paragraph (c).