Commonwealth Numbered Acts

WHEAT MARKETING ACT 1984 NO. 141 OF 1984 - SECT 46

46. (1) The Board may-

   (a)  with the approval of the Minister but not otherwise-create, execute,
        enter into, draw, make, accept, indorse, issue, discount and sell
        securities; and

   (b)  enter into any related agreements or arrangements.

(2) The power of the Minister to give approvals for the purposes of paragraph
(1) (a) extends to the giving of approvals in respect of securities included
in a specified class or specified classes of securities.

(3) The Board may, with the approval of the Minister but not otherwise, borrow
moneys otherwise than by dealing with securities in accordance with
sub-section (1).

(4) The powers of the Board under sub-sections (1) and (3) may be exercised in
or outside Australia.

(5) Where the Board borrows or raises moneys by dealing with securities in
accordance with sub-section (1), being securities included in a class of
securities specified by the Minister for the purposes of this sub-section by
notice published in the Gazette, the repayment by the Board of the amounts
borrowed or raised or the payment of any amounts that the Board is otherwise
liable to pay in respect of those securities, as the case may be, and the
payment by the Board of interest (if any) on those amounts are, by force of
this sub-section, guaranteed by the Commonwealth.

(6) The Treasurer may, on behalf of the Commonwealth, guarantee the repayment
of amounts borrowed under sub-section (3) and the payment of interest on
amounts so borrowed.

(7) Where the Board borrows or raises moneys for the purpose of exercising its
powers under sub-section 26 (10) or under the corresponding provision of a
State Act, then-

   (a)  where the borrowing or raising of those moneys is effected by dealing
        with securities-sub-section (5) does not apply in relation to those
        securities; or

   (b)  where the borrowing of those moneys is effected in any other
        manner-the Minister shall not guarantee the repayment of those moneys
        or the payment of the expenses of borrowing.

(8) In this section, "expenses of borrowing", in relation to a borrowing made
by the Board, means the expenses of that borrowing incurred by the Board, and
includes interest payable on the moneys borrowed.