Commonwealth Numbered Acts
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FINANCIAL MANAGEMENT AND ACCOUNTABILITY ACT 1997 No. 154 of 1997 - SECT 38
Finance Minister may borrow for short periods
(1) The Finance Minister, on behalf of the Commonwealth, may enter into an
agreement with any bank for borrowing money from the bank by way of advances
(including advances on overdraft) that are to be paid to the Commonwealth and
repaid by the Commonwealth within 90 days.
(2) The Finance Minister, on behalf of the Commonwealth, may enter into
agreements in accordance with the regulations for borrowing money from banks
or other persons. Such an agreement must require the money to be repaid within
60 days after the Commonwealth is notified by the lender of the amount
borrowed.
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