Victorian Current Acts Victorian Current Acts(1) If—
(a) a participating authority agrees; and
(b) the Treasurer approves—
the Corporation may exchange a security issued by the Corporation under the Borrowing and Investment Powers Act 1987 for a similar security issued by the participating authority, whether before or after the commencement of this section.
(2) A security issued under subsection (1) in exchange for another security has the same maturity date and bears interest payable at the same rate and on the same dates as in the case of the other security but is otherwise subject to the provisions of the Borrowing and Investment Powers Act 1987 and regulations under that Act relating to the issue of securities.
(3) For the purpose of calculating the interest payable on a security referred to in this section, the interest payable includes interest accruing up to the day on which the security was issued but that was not paid before that day.