Queensland Treasury Corporation Act 1988

This Act may be cited as the Queensland Treasury Corporation Act 1988.

Section 1 and this section shall commence on the day on which this Act is assented to for and on behalf of Her Majesty.

Subject to subsection (1), the provisions of this Act shall commence on 1 July, 1988 which date is in this Act called the commencement of this Act.

In this Act—advisory board means an advisory board established under this Act.affiliate means any company, partnership, or any other association or body of persons, whether corporate or unincorporate in which the Corporation has a controlling interest or which the Corporation is directly or indirectly in a position to control.appointed under an Act, in relation to a person or member, means—

a person or member, who is appointed under an Act; or

a person or member, whose appointment is confirmed by the Governor in Council or a Minister under an Act.

attributed amount...bank includes an entity that carries on banking business outside Australia and is approved by the Treasurer.chief executive means the chief executive of the department.Corporation means the corporation sole referred to in section 5(2) as preserved and continued in force under the name and style ‘Queensland Treasury Corporation’.financial arrangements means arrangements entered into in Queensland or elsewhere, and whether or not the parties are resident or situated in Queensland or elsewhere that provide for, relate to or are directed towards—

the borrowing of money, the raising of money or the obtaining of all forms of financial accommodation in Australia or elsewhere, including by the issue of debentures, bonds, inscribed stock and other securities;

the lending of money;

the entering into and performance of deferred payment arrangements as debtor or creditor;

the granting or taking of leases (or the letting or taking on hire for any term whatsoever) of land, buildings, plant, machinery, equipment and any other property as lessee, lessor, hirer, owner or tenant;

the entering into of partnerships, trusts, ventures and the formation of companies;

the acquisition, holding, dealing with, guaranteeing, consolidation, reissue and disposal of—

shares in any body corporate, company debentures, bonds, stock and other securities of any body corporate and including debentures, bonds, inscribed stock and other securities issued by any statutory body including the Corporation;

land, buildings, plant, machinery, equipment and any other property and any interest thereon or mortgage or any other charge in respect thereto;

the taking of land or any interest in land;

the acceptance of money on deposit;

the entering into of covenants, undertakings, arrangements, promises, guarantees and indemnities to meet obligations or liabilities incurred by or to any person, whether or not that person is a party to the covenants, undertakings, arrangements, promises, guarantees and indemnities;

the entering into of arrangements directed at the granting of financial accommodation by or to any person, whether or not the person is a party to the arrangements;

the entering into of purchase obligations as purchaser or sale obligations as seller, to purchase or sell, as the case may be, any output or other product or service of any kind whatsoever;

investment in Australia or elsewhere in any of the ways referred to in section 20(1);

the issuance, drawing, acceptance, endorsement or discounting of bills of exchange, promissory notes, payment orders or other negotiable instruments;

the formation or establishment of, participation in the formation or establishment of, or participation in a business undertaking;

the underwriting of issues of shares in, or debentures or other securities of, a business undertaking;

the holding of money, real property or other property as trustee or agent;

any transaction for the purpose of managing or varying financial returns or managing or varying financial or currency risks (including but not limited to currency exchange rate, interest rate, discount rate, volatility or other risks);

any transaction for the purpose of returning a gain or avoiding a loss by reference to currency obligations, currency exchange rate movements, or interest or discount rate movements;

and any other arrangements which the Treasurer determines to be a financial arrangement for the purposes of this Act.money means the lawful currency of Australia or any other country.outstanding amount...performance dividend...statutory body means an entity established under an Act that—

has control of funds and consists of only 1 person appointed under an Act; or

has control of funds and has, or may have, at least 1 member appointed under an Act; or

has funds, or from time to time may have funds, and even though it does not have any members appointed under an Act, its decisions are made, or its funds are controlled, by—

another person appointed under the same Act; or

another entity established under the same Act that has, or may have, at least 1 member who is appointed under the Act; or

is a corporation sole constituted by a Minister, or the chief executive or an officer of a department; or

is a local government; or

is declared under the Act to be a statutory body for the Statutory Bodies Financial Arrangements Act 1982 or this Act; or

is declared under a regulation under this Act to be a statutory body.

the Treasurer...the Under Treasurer...

This Act shall be administered by the Treasurer and subject to direction by the Treasurer, by the chief executive.

The corporation sole constituted by the Under Treasurer under section 4 of the Statutory Bodies Financial Arrangements Act 1982 under the name and style ‘The Queensland Government Development Authority’ is preserved and continues in existence as so constituted as a corporation sole under the name and style ‘Queensland Treasury Corporation’ but so that the corporate identity of that corporation sole is not affected.

The Corporation, by the name given to it by subsection (2) shall have perpetual succession and an official seal.

All courts, judges, justices and other persons acting judicially shall take judicial notice of the appointment of the chief executive and of the chief executive’s signature and of the imprint of the official seal of the Corporation affixed to any document or writing.

It shall be presumed until the contrary is proved that the imprint of the official seal of the Corporation and the signature of the chief executive affixed to any document or writing was duly so affixed.

In this section—authority means the corporation sole referred to in section 5(2) as it existed before the commencement of this Act under the name and style ‘The Queensland Government Development Authority’.

On and from the commencement of this Act—

all real and personal property, and every right, title, estate or interest therein and all management or control of anything that immediately prior to the commencement of this Act was vested in or belonged to the authority shall continue to be vested in and belong to the Corporation without any transfer assignment or conveyance or notice other than this Act;

all moneys and liquidated and unliquidated claims that immediately prior to the commencement of this Act were payable to or recoverable by the authority shall be moneys and liquidated and unliquidated claims payable to or recoverable by the Corporation;

all suits actions and proceedings and all causes of action pending or existing immediately prior to the commencement of this Act by or against the authority may be carried and prosecuted by or against the Corporation, and no such suit, action or proceedings shall abate or be prejudicially affected by this Act;

nothing in this Act prejudicially affects any contracts, agreements and undertakings entered into with, and all securities lawfully given to, or by the authority and existing at the commencement of this Act;

all debts due and moneys payable by the authority and all liquidated and unliquidated claims recoverable against the authority shall be debts due and moneys payable by and claims recoverable against the Corporation;

a delegation made by the authority under the Statutory Bodies Financial Arrangements Act 1982 and in force immediately prior to the commencement of this Act shall continue in full force and effect.

Nothing in this Act prejudicially affects any security, rights, powers, authorities and remedies of a holder of any debenture, bond, inscribed stock, note, mortgage, deed or other security given by the authority (including a security given by the authority under section 12 of the Statutory Bodies Financial Arrangements Act 1982) prior to the commencement of this Act.

All debentures, bonds and inscribed stock issued by the authority and to which section 25 of theStatutory Bodies Financial Arrangements Act 1982 applies and issued on and after 1 September 1982 and before the commencement of the Statutory Bodies Financial Arrangements Act Amendment Act 1984 shall continue to be a charge upon the Corporation’s income and revenue from whatever source arising.

Nothing in this Act prejudicially affects any guarantee given by the Treasurer on behalf of the Government under section 16 of the Statutory Bodies Financial Arrangements Act 1982.

In subsections (4) and (5), a reference to the Statutory Bodies Financial Arrangements Act 1982 is a reference to the Act as in force from time to time before the commencement of the Statutory Bodies Financial Arrangements Amendment Act 1996.

The registrar of titles or other person required by any Act or law to make or enter any note or memorial on any instrument of title to land on receiving notice thereof shall, upon the written request of the Corporation, register the change of name of the authority to the Corporation for or with respect to any right, title, estate or interest in land to which the Corporation is entitled under this section, and for that purpose may make every entry, cancellation and correction in any register, record or book in his or her custody or under his or her control and do and execute such other acts and things as shall to him or her appear necessary and proper.

The Corporation represents the Crown and, subject to this Act, has and may exercise and claim all the powers, privileges, rights and remedies of the Crown.

The Corporation is declared to be an excluded matter for the Corporations Act, section 5F, in relation to the whole of the Corporations legislation.

The Corporation shall be capable in law of—

suing and being sued; and

compounding or proving in a court of competent jurisdiction all debts and sums of money due to it; and

taking, acquiring, holding, letting, leasing, dealing with and disposing of real and personal property; and

doing and suffering all such acts and things as bodies corporate may in law do and suffer or as are prescribed by this Act.

The official seal of the Corporation shall be in the custody of the chief executive and may be affixed by the chief executive or by any other person authorised in that behalf by the Corporation.

An authorisation for the purposes of subsection (1) shall be in writing under the official seal of the Corporation.

The Corporation may from time to time, with the prior approval of the Governor in Council, establish advisory boards to perform such powers, authorities, functions and duties as may be prescribed.

An advisory board established under subsection (1) shall comprise such persons as may be appointed from time to time by the Governor in Council, on such terms and conditions as may be imposed by the Governor in Council.

The Corporation may at any time, with the prior approval of the Governor in Council, abolish any advisory board and thereupon the appointment of every member of that advisory board shall be revoked.

The Corporation may appoint such and so many officers and employees as it thinks necessary for the effectual administration of the Corporation.

Appointment of officers and employees under subsection (1) may be made in accordance with the Public Sector Act 2022.

The chief executive may designate and assign such officers and employees of the department to perform such duties as in the opinion of the Corporation are required for the exercise and performance of the powers, functions, duties and obligations of the Corporation.

A person who is required to perform duties on behalf of the Corporation under subsection (1) may perform those duties in conjunction with any other duties the person is required to perform by reason of the person being an officer or employee of the department.