Commonwealth Numbered Acts

Australian Meat and Live-stock Corporation Amendment Act 1984 No. 57 of 1984 - SECT 24

                 ''Division 2-Other Staff of the Corporation''.


24. (1) Section 35 of the Prinicipal Act is repealed and the following section
is substituted: Raising of moneys by Corporation

''35. (1) The Corporation may, with the approval of the Minister-

   (a)  borrow money otherwise than by dealing with securities; or

   (b)  borrow money, or otherwise raise money, by dealing with securities,
        being money that is from time to time necessary for the performance of
        its functions.

''(2) A borrowing of money in pursuance of paragraph (1) (a) may be subject to
such terms and conditions as the Minister approves.

''(3) An approval under sub-section (1) in relation to borrowing money in
pursuance of paragraph (1) (a) may be given in relation to particular
borrowings or in relation to a specified class, or specified classes, of
borrowings.

''(4) An approval under sub-section (1) in relation to dealing with securities
in pursuance of paragraph (1) (b) may be given in relation to dealing with a
specified class, or specified classes, of securities.

''(5) The Treasurer may, on behalf of the Commonwealth, guarantee-

   (a)  the repayment by the Corporation of money borrowed in accordance with
        this section and the payment of interest on money so borrowed; or

   (b)  the payment of any money (including interest, if any) that the
        Corporation is liable to pay in respect of dealing with securities in
        accordance with this section.

''(6) Where the Corporation borrows money, or otherwise raises money, by
dealing with securities, the Treasurer may determine that the repayment by the
Corporation of the money so borrowed and the payment by the Corporation of
interest on that money is, or the payment by the Corporation of any money
(including interest, if any) that the Corporation is liable to pay in respect
of dealing with securities is, by force of this sub-section, guaranteed by the
Commonwealth.

''(7) The power of the Treasurer to make a determination for the purposes of
sub-section (6) extends to the making of a determination in respect of-

   (a)  a specified class, or specified classes, of securities; and

   (b)  a specified class, or specified classes, of transactions.

''(8) The Corporation may give security over the whole or any part of its
assets-

   (a)  for the repayment of money borrowed in accordance with this section
        and the payment of money (including interest) that the Corporation is
        otherwise liable to pay in respect of that borrowing; and

   (b)  for the payment of any money (including interest, if any) that the
        Corporation is liable to pay in respect of dealing with securities in
        accordance with this section.

''(9) The Corporation shall not borrow or otherwise raise money except in
accordance with this section.

''(10) In this section, 'securities' includes stocks, debentures, debenture
stocks, notes, bonds, promissory notes, bills of exchange and similar
instruments or documents.

''(11) A reference in this section to dealing with securities includes a
reference to-

   (a)  creating, executing, entering into, drawing, making, accepting,
        endorsing, issuing, discounting, selling, purchasing or re-selling
        securities;

   (b)  creating, selling, purchasing or re-selling rights or options in
        respect of securities; and

   (c)  entering into agreements or other arrangements relating to
        securities.''.