Commonwealth Numbered Acts

DAIRY PRODUCE ACT 1986 No. 54 of 1986 - SECT 75

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

   (a)  borrow money otherwise than from a relevant fund; or

   (b)  raise money otherwise than by borrowing, on terms and conditions that
        are specified in, or consistent with, the approval.

(2) The Corporation may, for the purpose only of meeting a temporary deficit
in the money of the Corporation, borrow money standing to the credit of a
relevant fund.

(3) Without limiting the generality of sub-section (1), the Corporation may,
under that sub-section, borrow money, or raise money otherwise than by
borrowing, by dealing with securities.

(4) A borrowing of money or a raising of money otherwise than by borrowing,
under sub-section (1) may be made, in whole or in part, in a currency other
than Australian currency.

(5) An approval may be given under sub-section (1) in relation to a particular
transaction or in relation to transactions included in a class of
transactions.

(6) An approval under sub-section (1) shall be in writing.
(7) In this section, "securities" includes stocks, debentures, debenture
stocks, notes, bonds, promissory notes, bills of exchange and similar
instruments or documents.

(8) 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 bonds in respect
        of securities; and

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

(9) For the purposes of this section-

   (a)  the issue by the Corporation of an instrument acknowledging a debt in
        consideration of-

        (i)    the payment or deposit of money; or

        (ii)   the provision of credit,
otherwise than in relation to a transaction that is in the ordinary course of
the day-to-day operations of the Corporation shall be deemed to be a raising
by the Corporation, otherwise than by borrowing, of an amount of money equal
to the amount of the money paid or deposited or the value of the credit
provided, as the case may be; and

   (b)  the obtaining of credit by the Corporation otherwise than in relation
        to a transaction that is in the ordinary course of the day-to-day
        operations of the Corporation shall be deemed to be a raising by the
        Corporation, otherwise than by borrowing, of an amount of money equal
        to the value of the credit so obtained.