Western Australian Current Acts Western Australian Current Acts (1) Subject to this
Act, the functions of the Corporation are —
(a) to
borrow moneys from any person and to lend moneys —
(i)
to authorities; or
(ii)
if a power to borrow moneys from the Corporation is
conferred by a written law, so as to enable the exercise of that power;
(b) to
develop and implement borrowing programmes for the purposes of this Act;
(c) to
manage financial rights and obligations of the Corporation and authorities;
(d) to
advise authorities on financial matters including —
(i)
transactions that come within paragraph (g); and
(ii)
the matters referred to in the
Government Trading Enterprises Act 2023 section 137;
(e) to
accept moneys from authorities on deposit;
(f) to
accept moneys from authorities in trust for investment, either in the name of
the authority concerned or the Corporation;
(g) on
behalf of authorities to enter into agreements and arrangements that come
within section 10(2)(fa) or (fb), either in the name of the authority
concerned or the Corporation;
(h) to
undertake negotiations for authorities in relation to borrowing or
transactions that come within paragraph (g);
(i)
subject to section 9A, to assume by way of assignment or
novation any liability incurred by the State (otherwise than through the
Corporation) in relation to borrowing or financial accommodation; and
(j) to
perform any other function conferred on the Corporation by or under a written
law.
(1a) In relation to
the functions in subsection (1)(c), (d), (e), (f), (g) and (h) —
authorities includes any agency within the meaning
of the Public Sector Management Act 1994 .
(1b) The Corporation
may on behalf of an authority —
(a)
under subsection (1)(g), enter into agreements or arrangements that come
within section 10(2)(fa) or (fb); and
(b)
perform the functions in subsection (1)(d) and (h) in relation to those
matters,
even though the
authority does not itself have the power to enter into agreements or
arrangements of that kind.
(2) The Corporation
shall in the performance of its functions under this section act in accordance
with proper principles of financial management and endeavour to ensure that
its revenue is sufficient to cover all costs.
[Section 9 amended: No. 24 of 1992 s. 6; No. 25 of
1998 s. 12; No. 74 of 2003 s. 132(2); No. 13 of 2023 s. 303.]