Commonwealth Numbered Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

AUSTRALIAN NATIONAL RAILWAYS AMENDMENT ACT 1980 No. 38 of 1980 - SECT 4

4. Section 57B of the Principal Act is repealed and the following sections are
substituted: Borrowing from Commonwealth

"57B. The Minister for Finance may, on behalf of the Commonwealth, out of
moneys appropriated by the Parliament for the purpose, lend moneys to the
Commission on such terms and conditions as the Minister for Finance
determines. Borrowing otherwise than from Commonwealth

"57BA. (1) The Commission may, with the approval of the Treasurer but not
otherwise, from time to time, borrow moneys (otherwise than from the
Commonwealth) on such terms and conditions as the Treasurer approves.



"(2) Approvals for the purposes of sub-section (1) may be in respect of
particular borrowings or in respect of borrowings included within specified
classes of borrowings.



"(3) The Treasurer may, on behalf of the Commonwealth, guarantee the repayment
by the Commission of amounts borrowed under this section and the payment of
interest on amounts so borrowed. Dealings with securities

"57BB. (1) The Commission may, with the approval of the Treasurer but not
otherwise, deal with securities.



"(2) Where the Commission borrows or otherwise raises moneys by dealing with
securities, the Treasurer may determine that the repayment by the Commission
of the amount borrowed or raised, and, the payment by the Commission of
interest (if any) on those amounts, are, by force of this sub-section,
guaranteed by the Commonwealth.



"(3) The power of the Treasurer to make a determination for the purposes of
sub-section (2) extends to the making of a determination in respect of-

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

   (b)  transactions included in a specified class, or specified classes, of
        transactions. Commission may give security



"57BC. The Commission may give security over the whole or any part of its
assets-

   (a)  for the repayment of moneys borrowed under section 57BA and the
        payment of any moneys that the Commission is otherwise liable to pay
        in respect of those borrowings; and

   (b)  for the payment of any moneys that the Commission is liable to pay in
        respect of dealings with securities in accordance with section 57BB,
        including, but without limiting the generality of the foregoing, the
        payment of interest (if any) on moneys borrowed or otherwise raised by
        the Commission. Borrowings not otherwise permitted

"57BD. Subject to sub-section 55 (2), the Commission shall not borrow, or
otherwise raise, moneys except in accordance with sections 57B, 57BA and
57BB.". 


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback