Western Australian Current Acts Western Australian Current Acts (1) The Corporation
may, subject to this Act, do any thing necessary or convenient for the
performance of its functions under section 9.
(2) Without limiting
the generality of subsection (1), the Corporation may, for the purpose of
performing its functions under section 9 and subject to this section —
(a)
enter into an agreement with any person;
(b)
subject to section 10A, borrow moneys —
(i)
inside or outside Australia; and
(ii)
in Australian currency or in any other currency or medium
of exchange, whether national or international;
(ba)
create debt paper for the purposes of this Act;
(c)
enter into agreements for varying the terms and conditions on which moneys
have been borrowed, and may create debt paper for the purposes of any such
agreement;
(d)
create debt paper for the purpose of —
(i)
carrying out any arrangement made by the Corporation for
the exchange, whether on or before maturity and whether with or without any
further payment, of any other debt paper created under this section; or
(ii)
lending it to any person for such periods, and on such
terms and conditions, as are agreed between the Corporation and that person;
(e)
cancel any debt paper surrendered to it and undertake to make payments, on
such terms and conditions as it thinks fit, to holders of debt paper so
surrendered, or otherwise as part of an agreement entered into or arrangement
made under this section;
(f)
purchase, resell, hold or otherwise deal in debt paper created by the
Corporation on such terms and conditions as it thinks fit, and may cancel any
debt paper so purchased;
(fa)
enter into an agreement or arrangement to effect any of the following
transactions —
(i)
a foreign exchange transaction;
(ii)
a forward foreign exchange transaction;
(iii)
a currency swap;
(iv)
a forward currency swap;
(v)
a foreign currency cap, a foreign currency collar or a
foreign currency floor;
(vi)
a forward interest rate agreement;
(vii)
an interest rate swap;
(viii)
a forward interest rate swap;
(ix)
an interest rate cap, an interest rate collar or an
interest rate floor;
(x)
an option for interest rate or currency management
purposes;
(xi)
a futures contract or a futures option; or
(xii)
a transaction of such other class as is approved in
writing by the Minister, with the concurrence of the Treasurer, as a class of
transactions to which this paragraph applies;
(fb)
enter into an agreement or arrangement to effect any transaction which is a
combination of —
(i)
2 or more transactions permitted under paragraph (fa); or
(ii)
one or more transactions permitted under paragraph (fa)
and one or more transactions permitted under any other provision of this Act;
(fc)
take security in such manner and in such form and on such terms and conditions
as the Corporation thinks fit for the purpose of securing moneys payable to
the Corporation;
(g) open
and maintain accounts with financial institutions inside or outside Australia;
(ga)
establish, and act as the trustee of, any unit trust;
(h) from
time to time and on such terms and conditions as it thinks fit enter into an
agreement with a financial institution or other person, which agreement
provides for the financial institution or other person to act as underwriter,
manager or trustee, or paying, fiscal or other agent, for or in connection
with the borrowing of moneys inside or outside Australia;
(i)
within the State or elsewhere establish and conduct, or
arrange for the establishment and conduct of, registries, marking facilities,
agencies and other offices for dealing in debt paper created by the
Corporation or an authority;
(j)
within the State or elsewhere appoint persons to act as registrars, deputy
registrars, agents or otherwise for the purposes of paragraph (i); and
(k)
charge fees for services provided to an authority or any other person.
[(3) deleted]
(4) The Corporation
may, on behalf of an authority which has created and issued any debt paper in
respect of which the State guarantees the repayment of principal and the
payment of interest thereon, agree to accept from any person the surrender of
that debt paper on such terms and conditions as the Corporation thinks fit,
including, without limiting the generality of those terms and conditions, a
condition that the Corporation in consideration of that surrender create and
issue to the person effecting that surrender debt paper —
(a) of a
like value; or
(b)
agreed by the Corporation and that person, notwithstanding differences in
principal amount, rate of interest, maturity date or otherwise, to be of like
value,
to the value of the
debt paper surrendered, and thereupon the amount of the debt incurred as a
result of the issue to that person of debt paper created and issued under this
subsection, together with the amount of any expenses thereby incurred, shall
be deemed to be an amount lent by the Corporation to that authority under
section 14(2) on such terms and conditions, if any, as the Corporation
specifies.
(4a) In subsections
(4b) and (4c) prescribed debt paper means debt paper —
(a)
which is created and issued by an authority and in respect of which the State
guarantees the repayment of principal and the payment of interest thereon; or
(b)
which is created and issued by a local government.
(4b) The Corporation
may purchase, resell, hold, or otherwise deal in any prescribed debt paper on
such terms and conditions as the Corporation thinks fit.
(4c) If prescribed
debt paper has been purchased by the Corporation under subsection (4b), the
Corporation may create and issue debt paper that the Corporation considers,
notwithstanding differences in principal amount, rate of interest, maturity
date or otherwise, to be of like value (at the time of its issue) to the value
of that prescribed debt paper at the time of its purchase.
(5) Neither a borrower
of moneys lent under section 14(2) nor the Corporation nor any officer of
whose services it is making use under section 8 —
(a)
shall receive notice of any trust, whether express, implied or constructive,
in relation to any debt paper created under this section; or
(b) is
bound to see to the execution of any trust, whether express, implied or
constructive, to which any debt paper created under this section may be
subject.
(5a) A person who
enters into an agreement or arrangement referred to in subsection (2)(fa) or
(fb) with the Corporation is entitled to assume that the agreement or
arrangement is entered into by the Corporation in the performance of its
functions under section 9.
(6) Neither a person
appointed under subsection (2)(j) to act as a registrar, deputy registrar,
agent or otherwise for the purposes of subsection (2)(i) nor the Corporation
nor any officer of whose services it is making use under section 8 —
(a)
shall receive notice of any trust, whether express, implied or constructive,
in relation to any debt paper or, in the case of a person so appointed, enter
any such notice in any stock ledger or other book kept by such a person; or
(b) is
bound to see to the execution of any trust, whether express, implied or
constructive, to which any part of any debt paper may be subject.
(7) A person lending
moneys to the Corporation is not bound to inquire into the application of the
moneys so lent or in any way responsible for the non-application or
misapplication thereof.
[Section 10 amended: No. 24 of 1992 s. 7; No. 14
of 1996 s. 4; No. 25 of 1998 s. 14; No. 10 of 2001 s. 214; No. 21 of 2003 s.
36; No. 28 of 2006 s. 442.]