Borrowings otherwise than from Commonwealth
70B Borrowings otherwise than from Commonwealth
The Corporation may, with the approval of the Finance Minister:
borrow money from someone other than the Commonwealth; or
raise money otherwise than by borrowing it.
An approval under subsection (1) shall be in writing.
The Corporation may borrow or raise money under subsection (1) only on terms and conditions that are specified in, or are consistent with, the approval under that subsection.
Without limiting subsection (1), the Corporation may borrow or raise money under that subsection by dealing with securities.
Without limiting subsection (1), the Corporation may borrow or raise money under that subsection in the currency of a foreign country.
The Finance Minister may give an approval under subsection (1) either:
in relation to a particular transaction; or
in relation to all transactions in a particular class of transactions.
For the purposes of this section, if:
the Corporation issues an instrument that acknowledges a debt;
the instrument is issued in consideration of the payment or deposit of money; and
the instrument is issued in relation to a transaction that is not a routine operational transaction;
the Corporation shall be taken to raise money otherwise than by borrowing and the amount of money raised shall be taken to be the amount of the money paid or deposited.
For the purposes of this section, if:
the Corporation issues an instrument that acknowledges a debt;
the instrument is issued in consideration of the provision of credit; and
the instrument is issued in relation to a transaction that is not a routine operational transaction;
the Corporation shall be taken to raise money otherwise than by borrowing and the amount of money raised shall be taken to be the amount of the value of the credit provided.
For the purposes of this section, if:
the Corporation obtains credit; and
the credit is obtained in relation to a transaction that is not a routine operational transaction;
the Corporation shall be taken to raise money otherwise than by borrowing and the amount of money raised shall be taken to be the amount of the value of the credit obtained.
In subsections (7), (8) and (9):
routine operational transaction means a transaction that is carried out in the ordinary course of the day‑to‑day operations of the Corporation.
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.