Commonwealth Numbered Acts

HEALTH INSURANCE COMMISSION AMENDMENT ACT (No. 2) 1976 No. 100 of 1976 - SECT 10

10. Section 36 of the Principal Act is repealed and the following sections are
substituted:- Borrowing and investment by Commission.
''36. (1) Subject to this section, the Commission shall not-

   (a)  borrow moneys from any person; or

   (b)  invest its own moneys.

''(2) The Commission may, with the approval of the Treasurer, borrow moneys
that are from time to time necessary for the performance of the medibank
private functions of the Commission.

''(3) The Commission may give security over the whole or any part of its
investments for the repayment of amounts borrowed under sub-section (2) and
the payment of interest on amounts so borrowed.

''(4) Until a date to be fixed by the regulations, the Treasurer may, on
behalf of the Commonwealth, give guarantees for the repayment by the
Commission of amounts borrowed under sub-section (2) and the payment of
interest on amounts so borrowed.

''(5) Moneys borrowed by the Commission shall be applied only in connexion
with the performance of the medibank private functions of the Commission.

''(6) Where moneys of the Commission standing to the credit of a medical
benefits fund or a hospital benefits fund conducted by the Commission in the
performance of its medibank private functions are not immediately required for
the performance of those functions, the moneys may, subject to sub-section
(7), be invested by the Commission in such manner as the Commission deems fit.

''(7) Section 38 applies to and in relation to the investment of moneys under
sub-section (6) in the purchase of land or buildings, and to the disposal of
land or buildings so purchased, but does not otherwise apply to investments
under this section. Advances by the Commonwealth.
''36A. (1) For the purpose of assisting the Commission to establish and
conduct medical benefits funds and hospital benefits funds, the Treasurer may,
out of moneys appropriated by the Parliament for capital advances for the
purpose of the provision of voluntary health insurance, make advances to the
Commission of such amounts and on such terms as the Treasurer may determine.

''(2) The Treasurer may, from time to time, by notice in writing to the
Commission, vary the terms upon which advances made to the Commission under
sub-section (1) are to be held by the Commission.''.