Commonwealth Numbered Acts

LOAN CONSOLIDATION AND INVESTMENT RESERVE AMENDMENT ACT 1978 No. 37, 1978 - SECT 5

5. Section 7 of the Principal Act is repealed and the following sections are
substituted: Delegation
''7. (1) The Treasurer may, either generally or as otherwise provided by the
instrument of delegation, by writing signed by him, delegate to an officer of
the Department of the Treasury any of his powers under section 6.

''(2) A power so delegated, when exercised by the delegate, shall, for the
purposes of this Act, be deemed to have been exercised by the Treasurer.

''(3) A delegation under sub-section (1) does not prevent the exercise of a
power by the Treasurer.

''(4) Section 70A of the Audit Act 1901 applies in relation to the power of
the Minister of Finance to invest moneys under sub-section 6 (4) of this Act
in like manner as that section applies in relation to powers of that Minister
under the Audit Act 1901. Treasurer deemed to be corporation for purpose of
investment of Reserve
''8. The Treasurer and his successors in office shall, for the purposes of the
investment of any moneys in pursuance of sub-section 6 (3), be deemed to be a
corporation by the name of 'The Treasurer of the Commonwealth', and any
securities taken in pursuance of that sub-section may be taken by him in his
corporate name.''.