Power of semi-government authorities to borrow money from or deposit money with the Authority
16 Power of semi-government authorities to borrow money from or deposit money with the Authority
Notwithstanding the provisions of any other Act, a semi-government authority—
may borrow money from the Authority, and, if the Treasurer so directs, must borrow money from the Authority rather than from any other lender; and
may, and, if the Treasurer so directs, must, deposit with or lend to the Authority any money of the semi-government authority that is not immediately required for the purposes of the semi-government authority.
The Treasurer must not give a direction under subsection (1) except as authorised by the regulations and such a direction must not be given, in any event, to the Local Government Financing Authority of South Australia.
The terms and conditions of a transaction under subsection (1) will be as determined by the Treasurer after consultation with the Minister responsible for the semi-government authority.
Subject to subsections (1) and (3), this section does not limit or affect the powers of a semi-government authority to borrow otherwise than from the Authority or to deposit, invest or otherwise deal with money.
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