Commonwealth Numbered Acts

WHEAT MARKETING ACT 1984 NO. 141 OF 1984 - SECT 48

48. (1) The Board may discount a letter of credit held by the Board but shall
not do so without the approval of the Minister.

(2) A reference in sub-section (1) to the discounting by the Board of a letter
of credit shall be read as a reference to-

   (a)  selling a letter of credit, or other document evidencing or
        acknowledging indebtedness to the Board, in advance of the date of
        maturity of the letter of credit or other document; or

   (b)  assigning or otherwise disposing of the rights of the Board to any
        payment under a letter of credit, or other document evidencing or
        acknowledging indebtedness to the Board, before the date on which the
        payment becomes due.