Queensland Consolidated Acts

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STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 - SECT 32

Interpretation

32 Interpretation

(1) In this Act—

"borrow" includes raise and obtain, in any way, money, credit and other financial accommodation.

"other financial accommodation" includes—
(a) finance leases primarily to raise amounts to buy, or to finance the purchase of, property the subject of the leases; and
(b) guarantees, letters of credit and any other form of undertaking, provided by a financial institution or other person to meet the liabilities or obligations of a statutory body.
(2) Subject to a regulation under subsection (3) , a statutory body does not borrow merely because, in the ordinary course of performing its functions, it enters into any of the following—
(a) a hire-purchase agreement;
(b) an operating lease;
(c) a credit card facility.
(3) A regulation may prescribe that something is, or is not, a form of financial accommodation for the definition
"borrow" , including, for example, a particular type of hire-purchase agreement, operating lease or credit card facility.



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