Commonwealth Numbered Acts

SNOWY MOUNTAINS HYDRO-ELECTRIC POWER AMENDMENT ACT 1979 No. 156, 1979 - SECT 10

10. (1) Sections 25 to 29 (inclusive) of the Principal Act are repealed and
the following sections substituted: Financial policy
''25. Subject to sub-section 16 (3), the Authority shall pursue a policy
directed towards securing revenue sufficient to meet all its expenditure
properly chargeable to revenue. Application of Div. 2 of Part XI of Audit Act
''26. The Authority is a public authority to which Division 2 of Part XI of
the Audit Act 1901 applies. Borrowing from Commonwealth
''27. The Minister for Finance may, on behalf of the Com- monwealth, out of
moneys appropriated by the Parliament for the purpose, lend moneys to the
Authority in such amounts, at such rates of interest and on such other terms
and conditions as the Minister for Finance, having regard to the provisions of
clause 15 of the Agreement, determines. Borrowing otherwise than from
Commonwealth
''28. (1) The Authority may, from time to time, borrow moneys (otherwise than
from the Commonwealth) in such amounts, at such rates of interest and on such
other terms and conditions as the Treasurer approves.

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

''(3) The Authority may give security over the whole or any part of its assets
for the repayment of moneys borrowed under sub-section (1) and the payment of
interest on moneys so borrowed.

''(4) Without limiting the generality of sub-sections (1) and (3), a borrowing
by the Authority under sub-section (1) may be by the issue of securities of
such kinds as are prescribed.

''(5) The Treasurer may, on behalf of the Commonwealth, guarantee the
repayment by the Authority of moneys borrowed under sub-section (1) and the
payment of interest on moneys so borrowed.

''(6) Where the Authority borrows moneys under sub-section (1) by the issue of
prescribed securities, the repayment by the Authority of the moneys so
borrowed and the payment of interest on those moneys are, by force of this
sub-section, guaranteed by the Commonwealth. Borrowing not otherwise permitted
''29. The Authority shall not borrow moneys except in accordance with sections
27 and 28. Application of moneys
''30. (1) Subject to sub-section (2) and to section 63E of the Audit Act  1901
, the moneys of the Authority may be applied by the Authority-

   (a)  in payment or discharge of the costs, expenses or other obligations of
        the Authority; and

   (b)  in payment of remuneration and allowances payable to any person
        appointed under this Act or employed by the Authority under this Act
        or any other law, and not otherwise.

''(2) Moneys of the Authority to which paragraph (j) of sub-clause (2) of
clause 15 of the Agreement applies may be invested in accordance with that
paragraph and not otherwise.

''(3) The Treasurer may, on behalf of the Commonwealth, accept deposits made
by the Authority in accordance with sub-section (2), and pay or credit
interest on those deposits to the Authority in accordance with the Agreement.
Estimates
''30A. The Authority shall prepare estimates, in such form as the Minister
directs, of its receipts and expenditure for each financial year and, if so
directed by the Minister, for any other period, and shall submit those
estimates to the Minister not later than such date as the Minister directs.
Liability to taxation
''30B. (1) Except as otherwise provided by or under another Act (whether
passed before or after the commencement of this Act), the Authority is subject
to taxation under the laws of the Commonwealth.

''(2) Subject to sub-section (3), the Authority is not subject to taxation
under a law of a State or of a Territory.

''(3) The regulations may provide that sub-section (2) does not apply in
relation to taxation under a specified law of a State or Territory.

''(4) Stamp duty or any similar tax is not payable under a law of the
Commonwealth or of a State or Territory in respect of-

   (a)  a security issued by the Authority;

   (b)  the issue, redemption, transfer, sale or purchase of such a security,
        not including a transaction entered into without consideration or for
        an inadequate consideration; or

   (c)  any document executed by or on behalf of the Authority, or any
        transaction, in relation to the borrowing of moneys by the
        Authority.''.

(2) For the purpose of the application of sections 63D and 63E of the Audit 
Act 1901 to the Authority, references in those sections to an approved bank
shall, until the Treasurer, by notice in writing given to the Authority,
otherwise determines, be deemed to include references to the Reserve Bank of
Australia.