Commonwealth Numbered Acts

DAIRY PRODUCE ACT 1986 No. 54 of 1986 - SECT 76

76. (1) The Treasurer may, on behalf of the Commonwealth, enter into a
contract-

   (a)  guaranteeing the repayment by the Corporation of money borrowed under
        paragraph 75 (1) (a) and the payment by the Corporation of interest
        (including any interest on that interest) on money so borrowed; or

   (b)  guaranteeing the payment by the Corporation of such amounts (which may
        be interest) that the Corporation is liable to pay with respect to
        money raised under paragraph 75 (1) (b) as are specified in the
        contract.

(2) The Treasurer may, in writing, determine-

   (a)  that the repayment by the Corporation of money borrowed under
        paragraph 75 (1) (a), and the payment by the Corporation of interest
        (including any interest on that interest) on money so borrowed, are
        guaranteed by the Commonwealth; or

   (b)  that the payment by the Corporation of such money (which may be
        interest) that the Corporation is liable to pay with respect to money
        raised under paragraph 75 (1) (b) as is specified in the determination
        is guaranteed by the Commonwealth, 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
        sub-section, guaranteed by the Commonwealth.

(3) A contract may be entered into under sub-section (1), and a determination
may be made under sub-section (2), in relation to a particular transaction or
in relation to transactions included in a class of transactions.

(4) A contract entered into under sub-section (1) may include either or both
of the following provisions:

   (a)  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 country other than Australia;

   (b)  a provision waiving, on behalf of the Commonwealth, the immunity of
        the Commonwealth from suit in the courts, or a specified court, of a
        country other than Australia in relation to any proceedings that may
        be taken under the contract.