Queensland Consolidated Acts

STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 - SECT 11

11 Relationship of pt 7 to other parts of Act and other Acts

(1) Subject to subsection (5) , a statutory body’s powers under part 7 are additional to its powers under the other parts of this Act, its authorising Act or another Act.

(2) If there is no express power in the body’s authorising Act or another Act to enter into a derivative transaction, the body’s power to enter into a derivative transaction is limited to part 7, division 1.

(3) If there is no express power in the body’s authorising Act or another Act to appoint a funds manager, the body’s power to appoint a funds manager is limited to part 7, division 2.

(4) If there is no express power in the body’s authorising Act or another Act to enter into a type 1 financial arrangement, the body’s power to enter into the type 1 financial arrangement is limited to part 7, division 3.

(5) Subsections (2) to (4) apply to the body even though its authorising Act or another Act states the body has—

(a) the powers of a body corporate or individual; or

(b) the power generally to enter into contracts; or

(c) the power to do all things necessary or convenient for, or in connection with, the performance of its functions.

(6) A statutory body’s powers under this Act must not be construed as including—

(a) the power to enter into derivative transactions, other than its powers under part 7, division 1; and

(b) the power to appoint a funds manager, other than its powers under part 7, division 2; and

(c) the power to enter into a type 1 financial arrangement, other than its powers under part 7, division 3.

(7) A statutory body may not enter into a derivative transaction under part 7, division 1 contrary to a restriction mentioned in this Act, its authorising Act or another Act.