Government Financing Authority Act 1982

Subject to subsection (2), a transaction to which the Authority is a party or apparently a party (whether made or apparently made under the Authority's common seal or by a person with authority to bind the Authority) is not invalid because of—

any deficiency of power on the part of the Authority;

any procedural irregularity on the part of the Under Treasurer or of any officer, employee or agent of the Authority;

any procedural irregularity affecting the appointment of an officer, employee or agent of the Authority.

This section does not validate a transaction in favour of a party—

who enters into the transaction with actual knowledge of the deficiency or irregularity; or

who has a connection or relationship with the Authority such that the person ought to know of the deficiency or irregularity.