Guarantee of borrowings by DHA
38 Guarantee of borrowings by DHA
The Finance Minister may, on behalf of the Commonwealth, enter into a contract:
guaranteeing the repayment by DHA of money borrowed under paragraph 37(1)(a) and the payment by DHA of interest (including any interest on that interest) on money so borrowed; or
guaranteeing the payment by DHA of such amounts (which may be interest) that DHA is liable to pay with respect to money raised under paragraph 37(1)(b) as are specified in the contract.
The Finance Minister may, in writing, determine:
that the repayment by DHA of money borrowed under paragraph 37(1)(a), and the payment by DHA of interest (including any interest on that interest) on money so borrowed, are guaranteed by the Commonwealth; or
that the payment by DHA of such money (which may be interest) that DHA is liable to pay with respect to money raised under paragraph 37(1)(b) as is specified in the determination is guaranteed by the Commonwealth;
and, where the Finance Minister makes such a determination, the repayment of that money and the payment of that interest are, or the payment of that money is, by force of this subsection, guaranteed by the Commonwealth.
A contract may be entered into under subsection (1), and a determination may be made under subsection (2), in relation to a particular transaction or a class of transactions.
A contract entered into under subsection (1) may include either or both of the following provisions:
a provision agreeing that proceedings under the contract may be taken in the courts, or a specified court, of a country other than Australia;
a provision waiving the immunity of the Commonwealth from suit in the courts, or a specified court, of a country other than Australia in relation to any proceedings that may be taken under the contract.
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