New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 6.23

6.23 Financial arrangement approvals

(1) The Treasurer may give written approval (a
"financial arrangement approval" ) for a GSF agency to enter into a financial arrangement.

(2) The Treasurer may give a financial arrangement approval on the Treasurer's own initiative or on an application.

(3) However, the Treasurer may give a financial arrangement approval for a joint financing arrangement only on the recommendation of the responsible Minister for the GSF agency concerned.

(4) A financial arrangement approval--

(a) may do any one or more of the following--

(i) apply to a specified financial arrangement or arrangements of a specified kind,

(ii) apply generally or be limited in its application by reference to one or more specified circumstances, factors or exceptions,

(iii) authorise any matter or thing to be from time to time determined, applied or regulated by any specified person or body, and

(b) is subject to any terms and conditions specified in the approval.

(5) A financial arrangement approval given for a joint financing arrangement that is (or forms part of) a joint venture arrangement also operates as an approval for the joint venture arrangement unless the approval provides differently.

(6) A financial arrangement approval given to a GSF agency that is a principal entity in relation to a joint financing arrangement also operates as an approval in relation to any GSF agencies that are secondary entities in relation to the arrangement.

(7) The Treasurer may, by a written notice, revoke or vary a financial arrangement approval.

(8) However, the revocation or variation of a financial arrangement approval--

(a) applies only from the time it takes effect, and

(b) does not affect the validity of any arrangement entered into before the revocation or variation takes effect.

(9) A written notice revoking or varying a financial arrangement approval may contain provisions of a savings or transitional nature consequent on the revocation or variation of the approval.

(10) A financial arrangement approval for a financial arrangement for a GSF agency is conclusive evidence that anything done by the agency in accordance with the approval is authorised by this Act.

(11) An application for the exercise of a function under this section is to be made in accordance with any requirements specified in the Treasurer's directions (including any requirements concerning who can apply and the circumstances when an application can be made).