Commonwealth Numbered Acts

BROADCASTING LEGISLATION AMENDMENT ACT 1988 No. 146 of 1988 - SECT 10

10. After section 70 of the Principal Act the following sections are inserted:
Borrowing from Commonwealth

"70A. (1) The Minister for Finance may, on behalf of the Commonwealth, lend
money to the Corporation.

"(2) The money shall be lent on the terms and conditions determined by the
Minister for Finance.

"(3) A determination under subsection (2) shall be in writing.

"(4) The money shall be lent out of money appropriated by the Parliament for
that purpose. Borrowings otherwise than from Commonwealth

"70B. (1) The Corporation may, with the approval of the Treasurer:

   (a)  borrow money from someone other than the Commonwealth; or

   (b)  raise money otherwise than by borrowing it.

"(2) An approval under subsection (1) shall be in writing.

"(3) The Corporation may borrow or raise money under subsection (1) only on
terms and conditions that are specified in, or are consistent with, the
approval under that subsection.

"(4) Without limiting subsection (1), the Corporation may borrow or raise
money under that subsection by dealing with securities.

"(5) Without limiting subsection (1), the Corporation may borrow or raise
money under that subsection in the currency of a foreign country.

"(6) The Treasurer may give an approval under subsection (1) either:

   (a)  in relation to a particular transaction; or

   (b)  in relation to all transactions in a particular class of transactions.

"(7) For the purposes of this section, if:

   (a)  the Corporation issues an instrument that acknowledges a debt;

   (b)  the instrument is issued in consideration of the payment or deposit of
        money; and

   (c)  the instrument is issued in relation to a transaction that is not a
        routine operational transaction; the Corporation shall be taken to
        raise money otherwise than by borrowing and the amount of money raised
        shall be taken to be the amount of the money paid or deposited.

"(8) For the purposes of this section, if:

   (a)  the Corporation issues an instrument that acknowledges a debt;

   (b)  the instrument is issued in consideration of the provision of credit;
        and (c) the instrument is issued in relation to a transaction that is
        not a routine operational transaction; the Corporation shall be taken
        to raise money otherwise than by borrowing and the amount of money
        raised shall be taken to be the amount of the value of the credit
        provided.

"(9) For the purposes of this section, if:

   (a)  the Corporation obtains credit; and

   (b)  the credit is obtained in relation to a transaction that is not a
        routine operational transaction; the Corporation shall be taken to
        raise money otherwise than by borrowing and the amount of money raised
        shall be taken to be the amount of the value of the credit obtained.

"(10) In subsections (7), (8) and (9):
'routine operational transaction' means a transaction that is carried out in
the ordinary course of the day-to-day operations of the Corporation. Guarantee
of borrowings by Corporation

"70C. (1) The Treasurer may, on behalf of the Commonwealth, enter into a
contract that:

   (a)  guarantees the repayment of money borrowed under paragraph 70B (1) (a)
        and the payment of interest on that money; or

   (b)  guarantees the payment of an amount that the Corporation is liable to
        pay in relation to money raised under paragraph 70B (1) (b).

"(2) The Treasurer may determine:

   (a)  that the Commonwealth guarantees the repayment of money borrowed under
        paragraph 70B (1) (a) and the payment of interest on that money; or

   (b)  guarantees the payment of an amount that the Corporation is liable to
        pay in relation to money raised under paragraph 70B (1) (b); and,
        where the Treasurer makes such a determination, the repayment of that
        money and the payment of that interest are, or the payment of that
        money is, by force of this subsection, guaranteed by the Commonwealth.

"(3) A determination under subsection (2) shall be in writing.

"(4) The amounts referred to in paragraphs (1) (b) and (2) (b) may be amounts
of interest.

"(5) A contract may be entered into under subsection (1), and a determination
may be made under subsection (2), either:

   (a)  in relation to a particular transaction; or

   (b)  in relation to all transactions in a particular class of transactions.

"(6) A contract entered into under subsection (1) may include a provision
agreeing, on behalf of the Commonwealth, that proceedings under the contract
may be taken in the courts, or a specified court, of a foreign country.

"(7) A contract entered into under subsection (1) may include a provision
waiving the immunity of the Commonwealth from suit in the courts, or a
specified court, of a foreign country in relation to any proceedings under the
contract. Corporation may give security

"70D. The Corporation may give security over the whole or any part of its land
or other assets for:

   (a)  the repayment of money borrowed under section 70A or paragraph 70B (1)
        (a) and the payment of interest on that money;

   (b)  the payment of amounts (including any interest) that the Corporation
        is liable to pay in relation to money raised under paragraph 70B (1)
        (b); or

   (c)  the payment to the Commonwealth of amounts equal to any amounts that
        the Commonwealth may become liable to pay under:

        (i)    a contract entered into under subsection 70C (1); or

        (ii)   a determination made under subsection 70C (2). Borrowings not
               otherwise permitted

"70E. The Corporation may borrow money, or raise money otherwise than by
borrowing, only in accordance with sections 70A and 70B. Delegation by
Treasurer

"70F. The Treasurer may by signed instrument delegate to a person performing
the duties of an office in the Department of the Treasury all or any of the
Treasurer's powers under sections 70B and 70C.".