Commonwealth Numbered Acts

PIPELINE AUTHORITY AMENDMENT ACT 1980 No. 109, 1980 - SECT 18

18. Section 25 of the Principal Act is repealed and the following sections are
substituted:



"25. The Minister for Finance may, on behalf of the Commonwealth, out of
moneys appropriated by the Parliament for the purpose, lend moneys to the
Authority on such terms and conditions as the Minister for Finance determines.
Borrowing otherwise than from Commonwealth

"25A. (1) The Authority may, with the approval of the Treasurer but not
otherwise, from time to time, borrow moneys (otherwise than from the
Commonwealth) on such terms and conditions as the Treasurer approves.



"(2) Approvals for the purposes of sub-section (1) may be in respect of
particular borrowings or in respect of borrowings included within specified
classes of borrowings.



"(3) The Treasurer may, on behalf of the Commonwealth, guarantee the repayment
by the Authority of amounts borrowed under this section and the payment of
interest on amounts so borrowed. Dealings with securities

"25B. (1) The Authority may, with the approval of the Treasurer but not
otherwise, deal with securities.



"(2) Where the Authority borrows or otherwise raises moneys by dealing with
securities, the Treasurer may determine that the repayment by the Authority of
the amount borrowed or raised, and the payment by the Authority of interest
(if any) on those amounts, are, by force of this sub- section, guaranteed by
the Commonwealth.



"(3) The power of the Treasurer to make a determination for the purposes of
sub-section (2) extends to the making of a determination in respect of-

   (a)  securities included in a specified class, or specified classes, of
        securities; and

   (b)  transactions included in a specified class, or specified classes, of
        transactions. Authority may give security

"25C. The Authority may give security over the whole or any part of its
assets-

   (a)  for the repayment of moneys borrowed under section 25A and the payment
        of any moneys that the Authority is otherwise liable to pay in respect
        of those borrowings; and

   (b)  for the payment of any moneys that the Authority is liable to pay in
        respect of dealings with securities in accordance with section 25B,
        including, but without limiting the generality of the foregoing, the
        payment of interest (if any) on moneys borrowed or otherwise raised by
        the Authority. Borrowings not otherwise permitted

"25D. The Authority shall not borrow, or otherwise raise, moneys except in
accordance with sections 25, 25A and 25B.".