An agreement between related companies to make payment by journal entries can be inferred for stage loans in managed investment schemes, even without any accompanying transfer of actual funds, where the same indicia of an inferred agreement identified in White v Timbercorp Finance are present. Intercompany book entries do not constitute 'borrowing or raising money' under s 601GA(3) of the Corporations Act where the putative lender is at all relevant times in a position of net indebtedness to the putative borrower.
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