Financial Accountability Act 2009

The corporation sole constituted by the Treasurer under the Financial Administration and Audit Act 1977, section 43 is continued in existence under the name The Treasurer of Queensland (the Treasurer).

The Treasurer —

is a body corporate with perpetual succession; and

has a seal; and

may sue and be sued in the Treasurer’s corporate name.

The Treasurer represents the State.

Without limiting subsection (3), the Treasurer has all the State’s privileges and immunities.

The Treasurer has all the powers of an individual and may, for example—

enter into contracts; and

acquire, hold, dispose of, and deal with, property; and

appoint agents and attorneys; and

engage consultants; and

fix charges, and other terms, for services the Treasurer supplies; and

enter into derivative transactions; and

do anything necessary or convenient to be done in the performance of the Treasurer’s functions under this or another Act.

However, the Treasurer may enter into a derivative transaction only to hedge against a risk to which the State is or will be exposed.

The Treasurer also has the powers conferred on the Treasurer by this or another Act.

The Treasurer may exercise the Treasurer’s powers inside and outside Queensland.

Without limiting subsection (8), the Treasurer may exercise the Treasurer’s powers outside Australia.