Document ID: chunk:federal_register_of_legislation:C2004A05288:clause:1_70
Version: federal_register_of_legislation:C2004A05288
Segment Type: clause
Provision Reference: sch 1 cl 70
Character Range: 63282–65051

70  Investment

 (1) Money of the Board (other than pool funds) not immediately required for the purposes of the Board may be invested:
 (a) on deposit with a bank; or
 (b) in securities of the Commonwealth or of a State or Territory; or
 (c) in securities guaranteed by the Commonwealth, a State or a Territory; or
 (d) in any other manner that is consistent with sound commercial practice.

 (2) Pool funds of the Board that are not immediately required for the purposes of the Board may be invested:
 (a) on deposit with a bank; or
  (b) in securities of the Commonwealth or of a State or Territory; or
 (c) in securities guaranteed by the Commonwealth, a State or a Territory; or
 (d) in any other manner approved by the Treasurer.

 (3) Pool funds of nominated company B that are not immediately required for the purposes of nominated company B may be invested:
 (a) on deposit with a bank; or
  (b) in securities of the Commonwealth or of a State or Territory; or
 (c) in securities guaranteed by the Commonwealth, a State or a Territory; or
 (d) in any other manner approved by the Treasurer.

 (4) This section has effect despite anything in the Commonwealth Authorities and Companies Act 1997.

 (5) In this section:

bank means a person who carries on the business of banking, either in Australia or outside Australia.

pool funds:
 (a) in relation to the Board—means:
 (i) funds earned by the Board from the sale or disposal of pool return wheat; or
 (ii) funds obtained by the Board under a borrowing to which subsection 78(1) applies; or
 (b) in relation to nominated company B—means:
 (i) funds earned by nominated company B from the sale or disposal of pool return wheat; or
 (ii) funds on-lent to nominated company B as mentioned in subsection 77A(1).