{"id":"borrowing-and-investment-powers-act-1987","name":"Borrowing and Investment Powers Act 1987","slug":"borrowing-and-investment-powers-act-1987","collection":"act","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":176282,"registerId":"vic-borrowing-and-investment-powers-act-1987-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Borrowing and Investment Powers Act 1987","content":"Version No. 105\n\n**Borrowing and Investment Powers Act 1987**\n\n**No. 13 of 1987**\n\nVersion incorporating amendments as at  \n1 July 2022\n\n**table of provisions**\n\n*Section Page*\n\nPart 1—Preliminary 1\n\n1 Purpose 1\n\n2 Commencement 1\n\n3 Definitions 1\n\n3A Application of sections of this Act to authorities 4\n\nPart 2—Borrowing powers 5\n\nDivision 1—General 5\n\n4 General borrowing authorisation 5\n\nDivision 2—Financial accommodation 5\n\n5 Financial accommodation by way of overdraft in Australia 5\n\n8 Financial accommodation in Australia 6\n\n9 Financial accommodation within or outside Australia 6\n\n10 Financial leases 6\n\n11 Financial arrangements 6\n\n11AA Limited validation of certain financial transactions 7\n\n11AB Assumption of certain obligations and rights 8\n\nDivision 3—Guarantees 8\n\n12 Guarantee of overdraft certified by Treasurer 8\n\n13 Statutory guarantee 9\n\n14 Guarantee of financial accommodation 10\n\n14A Guarantee of certain obligations 10\n\n15 Guarantee of financial arrangements 11\n\n16 Appropriation for guarantee 11\n\n17 Assignment and enforcement of guarantees 11\n\nPart 3—Investment powers 13\n\nDivision 1—Preliminary 13\n\n19 General investment authorisation 13\n\nDivision 2—Investment 13\n\n20 Power to invest moneys 13\n\n20A Limited validation of certain investments 13\n\n21 Trading in investments 14\n\n22 Underwriting 15\n\nPart 4—Consequential amendments and transitional provisions 16\n\n26 Transitional provisions 16\n\n27 Enforcement of guarantees given before commencement of section 17\n\nPart 5—Guarantees etc. for economic development projects 18\n\n28 Definitions 18\n\n29 Treasurer may execute guarantee etc. 19\n\n30 Provisions applying to guarantees etc. under this Part 20\n\nPart 6—General 22\n\n31 Regulations 22\n\nSchedules 23\n\nEndnotes 25\n\n1 General information 25\n\n2 Table of Amendments 27\n\n3 Explanatory details 42\n\n**Version No.** **105**\n\n**Borrowing and Investment Powers Act 1987**\n\n**No. 13 of 1987**\n\nVersion incorporating amendments as at  \n1 July 2022\n\n**The Parliament of Victoria enacts as follows:**\n\nPart 1—Preliminary\n\n\t1 Purpose\n\nThe purpose of this Act is to make provision for borrowing and investment powers for certain statutory bodies.\n\n\t2 Commencement\n\nThis Act comes into operation on a day or days to be proclaimed.\n\n\t3 Definitions\n\n(1) In this Act—\n\n***arrangement*** means any agreement, arrangement, understanding, promise or undertaking whether express or implied or any transaction;\n\n***Australia*** means the Commonwealth of Australia and includes the territories of the Commonwealth;\n\nS. 3(1) def. of *authorised deposit-taking institution* inserted by No. 11/2001 s. 3(Sch. item 7.1(a)).\n\n***authorised deposit-taking institution*** has the same meaning as in the Banking Act 1959 of the Commonwealth;\n\nS. 3(1) def. of *authority* amended by Nos 99/1993 s. 5, 100/1995 s. 4(1), substituted by No. 23/2022 s. 3.\n\n***authority*** means a person or body that is prescribed;\n\nS. 3(1) def. of *bank* amended by No. 99/1993 s. 9, repealed by No. 11/2001 s. 3(Sch. item 7.1(b)).\n\n* * * * *\n\n***financial accommodation*** means a financial benefit or assistance to obtain a financial benefit arising from or as a result of—\n\n(a) a loan;\n\n(b) issuing, endorsing or otherwise dealing in promissory notes;\n\n(c) drawing, accepting, endorsing or otherwise dealing in bills of exchange;\n\n(d) issuing, purchasing or otherwise dealing in securities;\n\n(e) granting or taking a lease of any real or personal property for financing but not for operating purposes;\n\n(f) any other arrangement that the Governor in Council on the recommendation of the Treasurer approves;\n\nS. 3(1) def. of *financial arrangement* substituted by No. 100/1995 s. 4(3).\n\n***financial arrangement*** means an arrangement establishing rights and obligations to receive or deliver property the value of which, or to receive or make a payment in an amount which, or the value of which—\n\n(a) depends on, or is derived from, the value, or price, at a particular future time or during a particular future period, of particular property, rights or liabilities; or\n\n(b) depends on, or is derived by reference to, a particular rate, index or other factor at a particular future time or during a particular future period;\n\nS. 3(1) def. of *invest* amended by No. 56/2016 s. 14.\n\n***invest*** includes acquisition, sale or divestment of an investment and entering into a transaction or arrangement for the protection or enhancement of investments;\n\n***lease*** means—\n\n(a) any lease, licence, charter or hiring arrangement of any real or personal property; or\n\n(b) any arrangement under which a right to use, operate, manage or provide services in respect of any real or personal property is granted by the owner to another person;\n\n***prescribed*** means prescribed by the regulations;\n\nS. 3(1) def. of *property* inserted by No. 100/1995 s. 4(2).\n\n***property*** means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description;\n\n***security*** includes inscribed stock and debenture, bond, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation whether constituting a charge on property of an authority or not.\n\n(2) An approval given under this Act may be given unconditionally or subject to such conditions as the Governor in Council or the Treasurer, as the case may be, thinks fit.\n\nS. 3A inserted by No. 99/1993 s. 6, substituted by No. 23/2022 s. 4.\n\n\t3A Application of sections of this Act to authorities\n\nA section of this Act applies to an authority if the section is prescribed as applying to that authority.\n\nPart 2—Borrowing powers[[1]](#endnote-2)\n\nDivision 1—General\n\n\t4 General borrowing authorisation\n\nAn authority may, for the purpose of performing its functions or exercising its powers—\n\n(a) exercise any power conferred on it by this Part; and\n\n(b) with the approval of the Governor in Council on the recommendation of the Treasurer, do anything necessary for, or incidental to, the exercise of any power conferred on it by this Part.\n\nDivision 2—Financial accommodation\n\nS. 5 amended by Nos 78/1988 s. 4(a), 64/1991 s. 10(a), 99/1993 s. 7(a), 100/1995 s. 5, 11/2001 s. 3(Sch. item 7.2).\n\n\t5 Financial accommodation by way of overdraft in Australia\n\nAn authority to which this section applies may, with the approval of the Treasurer, obtain a financial benefit or assistance to obtain a financial benefit by way of overdraft of account at any authorised deposit-taking institution or other financial institution in Australia.\n\nS. 6 amended by Nos 64/1991 s. 10(b), 99/1993 s. 7(b), repealed by No. 100/1995 s. 6.\n\n* * * * *\n\nS. 7 amended by No. 99/1993 s. 7(c), repealed by No. 100/1995 s. 6.\n\n* * * * *\n\nS. 8 amended by Nos 78/1988 s. 4(b), 64/1991 s. 10(a), 99/1993 s. 7(d), substituted by No. 100/1995 s. 6.\n\n\t8 Financial accommodation in Australia\n\n(1) An authority to which this section applies may, with the approval of the Treasurer, obtain financial accommodation within Australia.\n\n(2) An authority to which this section applies may not obtain financial accommodation under this section by granting or taking a lease of real or personal property.\n\nS. 9 amended by No. 99/1993 s. 7(e), substituted by No. 100/1995 s. 6.\n\n\t9 Financial accommodation within or outside Australia\n\n(1) An authority to which this section applies may, with the approval of the Treasurer, obtain financial accommodation within or outside Australia.\n\n(2) An authority to which this section applies may not obtain financial accommodation under this section by granting or taking a lease of real or personal property.\n\nS. 10 amended by Nos 78/1988 s. 4(c), 99/1993 s. 7(f).\n\n\t10 Financial leases\n\nAn authority to which this section applies may, with the approval of the Treasurer, obtain financial accommodation within or outside Australia under an arrangement under which or as part of which the authority enters into a lease of the whole or any part of real or personal property.\n\nS. 11 amended by Nos 64/1991 s. 10(b), 99/1993 s. 7(g), substituted by No. 100/1995 s. 7.\n\n\t11 Financial arrangements\n\nAn authority to which this section applies—\n\n(a) may, with the approval of the Treasurer, enter into and perform financial arrangements to hedge, protect or manage the value of its assets or liabilities, or prospective assets or liabilities, against movements in—\n\n(i) currency rates, interest rates, prices of shares, property or commodities; or\n\n(ii) any other rates, costs or other factors specified by the Treasurer, including rates, costs or other factors that affect, or could affect, the value of its assets or liabilities or prospective assets or liabilities; and\n\n(b) may, with the approval of the Treasurer enter into financial arrangements to acquire or dispose of assets or liabilities.\n\nS. 11AA inserted by No. 31/1991 s. 4, amended by No. 99/1993 s. 7(h).\n\n\t11AA Limited validation of certain financial transactions\n\n(1) If—\n\n(a) an authority to which this section applies entered into, or purported to enter into, a financial transaction that was not, or may not have been, a financial arrangement of a kind that the authority was authorised to enter into under section 4 and 11 or section 11; and\n\n(b) another party to the financial transaction entered into the financial transaction in good faith and with no reason to suspect, at the time of entering into the financial transaction, that the transaction was not a financial arrangement of a kind that the authority was authorised to enter into under section 4 and 11 or section 11—\n\nthe financial transaction may be enforced as if it were a financial arrangement which the authority had been authorised to enter into.\n\n(2) Subsection (1) applies in relation to transactions entered into whether before or after the commencement of section 4 of the **Borrowing and Investment Powers (Further Amendment) Act 1991**.\n\nS. 11AB inserted by No. 85/1994 s. 3.\n\n\t11AB Assumption of certain obligations and rights\n\nAn authority to which this section applies may assume obligations and rights under or in connection with financial accommodation obtained by another person and any security for that financial accommodation if—\n\n(a) the arrangements under which the other person obtained the financial accommodation or gave the security include provision for such an assumption by the authority; or\n\n(b) all the parties to those arrangements and the authority agree in writing to the assumption by the authority—\n\nand the Treasurer gives approval in writing.\n\nPt 2 Div. 2A (Heading and s. 11A) inserted by No. 78/1988 s. 5,  \namended by Nos 61/1992 s. 3, 99/1993 ss 7(i)(j), 10, 31/1995 s. 52(Sch. 1 items 1.1, 1.2), repealed by No. 40/2013 s. 3(1).\n\n* * * * *\n\nDivision 3—Guarantees\n\n\t12 Guarantee of overdraft certified by Treasurer\n\nS. 12(1) amended by Nos 78/1988 s. 6(a), 64/1991 s. 10(c), 99/1993 s. 7(k).\n\n(1) This section applies in relation to the provision to an authority to which this section applies of a financial benefit, or assistance to obtain a financial benefit, referred to in section 5.\n\n(2) If the Treasurer executes a certificate in or to the effect of the prescribed form relating to the provision to an authority of a financial benefit or assistance to obtain a financial benefit referred to in section 5, the due satisfaction of amounts payable by the authority as a result of or in connection with the provision to the authority of the financial benefit or assistance including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction is guaranteed by the Government of Victoria.\n\n\t13 Statutory guarantee\n\nS. 13(1) amended by Nos 99/1993 s. 7(l), 130/1993 s. 119(2)(a), 110/1994 s. 34(a).\n\n(1) This section applies in relation to the provision to an authority to which this section applies (other than Victorian Power Exchange, Generation Victoria or National Electricity) of—\n\n(a) a financial benefit or assistance to obtain a financial benefit referred to in section 5; or\n\n(b) financial accommodation—\n\nS. 13(1)(b)(i) repealed by No. 100/1995 s. 8(1).\n\n* * * * *\n\n(ii) to which section 8 or 9 applies, unless the Treasurer executes a guarantee under section 14 in relation to the financial accommodation.\n\n(2) The due satisfaction of amounts payable by an authority as a result of or in connection with the provision to the authority of financial accommodation including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or  \n\nendeavouring to enforce or obtain such satisfaction is guaranteed by the Government of Victoria.\n\n\t14 Guarantee of financial accommodation\n\nS. 14(1) amended by Nos 78/1988 s. 6(b), 64/1991 s. 10(a), 99/1993 s. 7(m).\n\n(1) This section applies in relation to the provision to an authority to which this section applies of financial accommodation to which section 8, 9 or 10 applies.\n\n(2) The Treasurer may, on behalf of the Government of Victoria, execute a guarantee on such terms and conditions as the Treasurer determines in favour of any person or body of persons guaranteeing the due satisfaction of amounts that become payable and of other actions required to be performed as a result of or in connection with the provision to the authority of financial accommodation including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction.\n\nS. 14A inserted by No. 85/1994 s. 4.\n\n\t14A Guarantee of certain obligations\n\n(1) This section applies in relation to the assumption by an authority to which this section applies of obligations and rights in accordance with section 11AB.\n\n(2) The Treasurer may, on behalf of the Government of Victoria, execute a guarantee on such terms and conditions as the Treasurer determines in favour of any person or body of persons guaranteeing the due satisfaction of amounts that become payable and of other actions required to be performed as a result of or in connection with the provision by the authority of obligations and rights in accordance with section 11AB including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction.\n\n\t15 Guarantee of financial arrangements\n\nS. 15(1) amended by Nos 64/1991 s. 10(b), 99/1993 s. 7(n).\n\n(1) This section applies in relation to an authority to which this section applies which has entered into a financial arrangement to which section 11 applies.\n\n(2) If the Treasurer executes a certificate in or to the effect of the prescribed form relating to a financial arrangement entered into by an authority the due satisfaction of all amounts which become payable including, without limiting the generality of the foregoing, the payment of the expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction, is guaranteed by the Government of Victoria.\n\n\t16 Appropriation for guarantee\n\n(1) Any sums required by the Treasurer in fulfilling any liability arising under a guarantee by or on behalf of the Government of Victoria provided by this Division or given under this Division shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).\n\n(2) Any sums received or recovered by the Treasurer from an authority or otherwise in respect of any sums paid by the Treasurer under a guarantee shall be paid into the Consolidated Fund.\n\n\t17 Assignment and enforcement of guarantees\n\n(1) The whole or any part of the benefit of a guarantee under this Division may be assigned by the person entitled to the benefit for the time being, unless the terms and conditions of the guarantee otherwise provide.\n\n(2) A guarantee under this Part has effect and may be enforced as if the guarantee were a contract made on behalf of the Crown and section 23(1)(a) of the **Crown Proceedings Act 1958** applied accordingly.\n\nPt 2 Div. 4 (Heading and s. 18) amended by Nos 99/1993 s. 11, 45/1997  \nss 6, 7, 76/2013  \ns. 29, repealed by No. 23/2022 s. 5. [[2]](#endnote-3)\n\n* * * * *\n\nPart 3—Investment powers\n\nDivision 1—Preliminary\n\n\t19 General investment authorisation\n\nAn authority may, for the purpose of performing its functions or exercising its powers—\n\n(a) exercise any power conferred on it by this Part; and\n\n(b) with the approval of the Governor in Council on the recommendation of the Treasurer, do anything necessary for, or incidental to, the exercise of any power conferred on it by this Part.\n\nDivision 2—Investment\n\nS. 20 amended by Nos 78/1988 s. 6(c), 64/1991 s. 10(a), 99/1993 s. 7(o).\n\n\t20 Power to invest moneys\n\nAn authority to which this section applies may, with the approval of the Treasurer, invest moneys of the authority in any manner approved by the Governor in Council on the recommendation of the Treasurer in relation to the authority.\n\nS. 20A inserted by No. 31/1991 s. 5, amended by No. 99/1993 s. 7(p).\n\n\t20A Limited validation of certain investments\n\n(1) If—\n\n(a) an authority to which this section applies entered into, or purported to enter into, a transaction or arrangement in the exercise of a power of investment that was not, or may not have been, a power of a kind that the authority was authorised to exercise under section 19 and 20 or section 20; and\n\n(b) another party to the transaction or arrangement entered into the transaction or arrangement in good faith and with no reason to suspect, at the time of entering into the transaction or arrangement, that the transaction or arrangement was not entered into by the authority in the exercise of a power of investment of a kind that the authority was authorised to exercise under section 19 and 20 or section 20—\n\nthe transaction or arrangement may be enforced as if it had been entered into by the authority in the exercise of a power of investment under section 19 and 20 or section 20.\n\n(2) Subsection (1) applies in relation to transactions and arrangements entered into whether before or after the commencement of section 5 of the **Borrowing and Investment Powers (Further Amendment) Act 1991**.\n\nS. 21 amended by Nos 78/1988 s. 6(d), 64/1991 s. 10(a), 99/1993 s. 7(q).\n\n\t21 Trading in investments\n\nAn authority to which this section applies and to which the Governor in Council on the recommendation of the Treasurer has given approval for the purposes of this section, may exercise any power in relation to investments that a natural person may exercise and, without limiting the generality of the foregoing—\n\n(a) may sell, barter, exchange or otherwise dispose of or get in any of its investments; and\n\n(b) may vary or transpose any of its investments for other investments in which the authority is authorised to invest.\n\nS. 22 amended by Nos 64/1991 s. 10(b), 99/1993 s. 7(r).\n\n\t22 Underwriting\n\nAn authority to which this section applies may, with the approval of the Governor in Council on the recommendation of the Treasurer, underwrite or sub-underwrite the issue by a body corporate or unincorporate of any shares, units in a unit trust or securities in which the authority is authorised to invest.\n\nPart 4—Consequential amendments and transitional provisions\n\nSs 23–25 repealed by No. 99/1993 s. 12(1).\n\n* * * * *\n\n\t26 Transitional provisions\n\n(1) A provision of an Act amended by section 23 continues to apply to or in respect of—\n\n(a) moneys borrowed or re-borrowed, loans, advances and financial accommodation obtained and financial arrangements entered into and any other thing done under borrowing powers or powers to obtain financial accommodation conferred by the Act before the commencement of that section; and\n\n(b) moneys borrowed or re-borrowed, loans, advances and financial accommodation obtained and any other thing done under borrowing powers or powers to obtain financial accommodation conferred by the Act after that commencement, pursuant to arrangements entered into before that commencement—\n\nas if that section had not been enacted.\n\n(2) A provision of an Act amended by section 24 continues to apply to or in respect of the investment of moneys or exercise of powers made before the commencement of that section as if that section had not been enacted.\n\n\t27 Enforcement of guarantees given before commencement of section\n\nA guarantee given by or on behalf of the Government or State of Victoria or by the Treasurer and in force under an Act before the commencement of this section has effect and may be enforced as if the guarantee were a contract made on behalf of the Crown and section 23(1)(a) of the **Crown Proceedings Act 1958** applied accordingly.\n\nPt 5 (Heading and ss 28–30) inserted by No. 99/1993 s. 4.\n\nPart 5—Guarantees etc. for economic development projects\n\nS. 28 inserted by No. 99/1993 s. 4.\n\n\t28 Definitions\n\nIn this Part—\n\n***development*** includes establishment, continuation, increase, facilitation, encouragement or promotion;\n\n***industry*** includes—\n\n(a) the production of goods and services in Victoria;\n\n(b) manufacturing or processing in Victoria;\n\n(c) the provision of employment opportunities in Victoria;\n\n(d) the export of Victorian produce, products or services, whether or not outside Australia;\n\n(e) the promotion of Victorian goods and services;\n\n(f) tourism and tourist accommodation and other facilities for tourists in Victoria;\n\n(g) any activity within Victoria approved by the Treasurer as an industry for the purposes of this Part.\n\nS. 29 inserted by No. 99/1993 s. 4.\n\n\t29 Treasurer may execute guarantee etc.\n\nS. 29(1) amended by Nos 84/1996 s. 467(Sch. 6 item 4.1), 9/2013 s. 42(Sch. 2 item 4).\n\n(1) The Treasurer, on such terms and conditions as the Treasurer thinks fit, may execute a guarantee in favour of a person or body (not being a co‑operative under the Co‑operatives National Law (Victoria))—\n\n(a) in respect of money advanced or to be advanced or other credit facilities provided—\n\n(i) to assist in the development of an industry or class of industry; or\n\n(ii) to re-pay or re-finance money previously borrowed to assist in the development of an industry or class of industry; or\n\n(b) in respect of the performance of any obligation by a person or body under an agreement or contract relating to the development of an industry or class of industry.\n\nS. 29(2) amended by Nos 84/1996 s. 467(Sch. 6 item 4.2), 9/2013 s. 42(Sch. 2 item 4).\n\n(2) The Treasurer, on such terms and conditions as the Treasurer thinks fit, may execute an indemnity or covenant in favour of a person or body (not being a co-operative under the Co‑operatives National Law (Victoria)) in respect of any expense, loss, damage, cost or liability incurred or that may be incurred by that person or body under or in respect of an agreement or contract relating to, or in respect of anything done in connection with, the development of an industry or class of industry.\n\nS. 30 inserted by No. 99/1993 s. 4.\n\n\t30 Provisions applying to guarantees etc. under this Part\n\n(1) If the Treasurer so determines, a guarantee, indemnity or covenant under this Part may include interest charges and expenses chargeable by the creditor against the debtor and the expenses of enforcing or obtaining, or endeavouring to enforce or obtain, payment of the debt to which the guarantee, indemnity or covenant relates and those interest charges and expenses.\n\n(2) The Treasurer may require the creditor to which a guarantee, indemnity or covenant under this Part relates to hold securities of such nature as the Treasurer requires for the payment of the debt or the performance of other obligations to which the guarantee, indemnity or covenant relates.\n\n(3) The Treasurer may secure from the debtor to which a guarantee, indemnity or covenant under this Part relates an indemnity against loss suffered as a result of the failure of the debtor to pay the debt or perform the other obligations to which the guarantee, indemnity or covenant relates and hold securities of such nature as the Treasurer requires in respect of the indemnity.\n\n(4) A guarantee, indemnity or covenant under this Part is not enforceable against the Treasurer unless and until the creditor, to the satisfaction of the Treasurer, has exercised the creditor's rights under all securities, if any, held by or for the creditor in respect of the debt or other obligation to which the guarantee, indemnity or covenant relates, other than the guarantee, indemnity or covenant itself.\n\n(5) The creditor must not, without the consent in writing of the Treasurer, assign or encumber the benefit of a guarantee, indemnity or covenant under this Part.\n\n(6) Such sums as may from time to time become due and payable by the Treasurer under a guarantee, indemnity or covenant under this Part shall be paid out of the Consolidated Fund which is hereby to the necessary extent appropriated accordingly.\n\nPt 6 (Heading and s. 31) inserted by No. 23/2022 s. 6.\n\nPart 6—General\n\nS. 31  \ninserted by No. 23/2022 s. 6.\n\n\t31 Regulations\n\n(1) The Governor in Council may make regulations for or with respect to any of the following—\n\n(a) prescribing a person or body as an authority;\n\n(b) prescribing a section of this Act as applying to an authority;\n\n(c) the form of securities issued under this Act in Australia;\n\n(d) the issue of securities under this Act in Australia;\n\n(e) the rights attached to securities issued under this Act in Australia;\n\n(f) the keeping of registers of securities issued under this Act in Australia;\n\n(g) fees payable for inspection of or to obtain copies of or extracts from registers kept in Australia of securities issued under this Act in Australia;\n\n(h) the sale and transfer of securities issued under this Act in Australia;\n\n(i) any other matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.\n\n(2) The regulations may—\n\n(a) be of general or limited application;\n\n(b) differ according to differences in time, place or circumstances.\n\nSchedules\n\nSch. 1 repealed.[[3]](#endnote-4)\n\n* * * * *\n\nSch. 1A inserted by No. 78/1988 s. 7,  \namended by Nos 49/1989 s. 140, 88/1992 s. 85, 40/1993 s. 83, 61/1993 s. 37,  \nrepealed by No. 99/1993 s. 8.\n\n* * * * *\n\nSch. 1B inserted by No. 64/1991 s. 10(e), repealed by No. 99/1993 s. 8.\n\n* * * * *\n\nSch. 2 amended by Nos 81/1989 s. 3(Sch. item 2), 50/1992 s. 10(Sch. item 2), 80/1992 s. 52(a)(i)(ii), 130/1993 s. 119(2)(b), repealed by No. 99/1993 s. 8.\n\n* * * * *\n\nSch. 2A inserted by No. 78/1988 s. 8, repealed by No. 99/1993 s. 8.\n\n* * * * *\n\nSch. 3 amended by Nos 33/1988 s. 53, 81/1988 s. 40(1)(a)(b), 13/1989 s. 12, 20/1989 s. 42(4), 64/1991 s. 10(d), 80/1992 s. 52(b)(i)(ii), 110/1993 s. 22(3), repealed by No. 99/1993 s. 8.\n\n* * * * *\n\nSch. 4 amended by Nos 21/1988 s. 60(1), 23/1988 s. 61(9), 50/1988 s. 93(1), repealed by No. 99/1993 s. 12(2).\n\n* * * * *\n\nSch. 5 amended by Nos 21/1988 s. 60(1), 23/1988 s. 61(9), 50/1988 s. 93(1), repealed by No. 99/1993 s. 12(2).\n\n* * * * *\n\nSch. 6 amended by Nos 21/1988 s. 60(1), 23/1988 s. 61(9), 50/1988 s. 93(1), 31/1991 s. 6, repealed by No. 99/1993 s. 12(2).\n\n* * * * *\n\n\n\nEndnotes\n\n1 General information\n\nSee [www.legislation.vic.gov.au](http://www.legislation.vic.gov.au) for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.\n\n*Minister's second reading speech—*\n\n*Legislative Assembly: 24 March 1987*\n\n*Legislative Council: 28 April 1987*\n\nThe long title for the Bill for this Act was \"A Bill to make provision for borrowing and investment powers for certain statutory bodies and for other purposes.\".\n\nThe **Borrowing and Investment Powers Act 1987** was assented to on 12 May 1987 and came into operation as follows:\n\nParts 1, 3, sections 24, 26(2) on 14 October 1987: Government Gazette 14 October 1987 page 2712; rest of Act on 18 November 1987: Government Gazette 18 November 1987 page 3138.\n\nINTERPRETATION OF LEGISLATION ACT 1984 (ILA)\n\nStyle changes\n\nSection 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.\n\nReferences to ILA s. 39B\n\nSidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression \"(1)\" at the beginning of the original section or clause.\n\nInterpretation\n\nAs from 1 January 2001, amendments to section 36 of the ILA have the following effects:\n\n• Headings\n\nAll headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).\n\n• Examples, diagrams or notes\n\nAll examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).\n\n• Punctuation\n\nAll punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).\n\n• Provision numbers\n\nAll provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).\n\n• Location of \"legislative items\"\n\nA \"legislative item\" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.\n\n• Other material\n\nAny explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.  \nSee section 36(3)(3D)(3E).\n\n2 Table of Amendments\n\nThis publication incorporates amendments made to the **Borrowing and Investment Powers Act 1987** by Acts and subordinate instruments.\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n**Hospitals Superannuation Act 1988, No. 21/1988**\n\n| Assent Date: | 17.5.88 |\n| --- | --- |\n| Commencement Date: | 1.7.88: Government Gazette 18.5.88 p. 1273 |\n| Current State: | All of Act in operation |\n\n\n**Local Authorities Superannuation Act 1988, No. 23/1988**\n\n| Assent Date: | 17.5.88 |\n| --- | --- |\n| Commencement Date: | Pts 1, 7 on 1.9.87: s. 2(2); rest of Act on 25.5.88: Government Gazette 25.5.88 p. 1458 |\n| Current State: | All of Act in operation |\n\n\n**Transport Superannuation Act 1988, No. 33/1988**\n\n| Assent Date: | 17.5.88 |\n| --- | --- |\n| Commencement Date: | 1.7.88: Government Gazette 18.5.88 p. 1273 |\n| Current State: | All of Act in operation |\n\n\n**State Superannuation Act 1988, No. 50/1988**\n\n| Assent Date: | 24.5.88 |\n| --- | --- |\n| Commencement Date: | S. 93(3) on 1.7.87: s. 2(1); s. 93(4) on 27.11.87: s. 2(2); Pt 1, Pt 6 Div. 2, s. 91 on 1.1.88: s. 2(3); rest of Act on 1.7.88: Government Gazette 1.6.88 p. 1487 |\n| Current State: | All of Act in operation |\n\n\n**Borrowing and Investment Powers (Amendment) Act 1988, No. 78/1988**\n\n| Assent Date: | 20.12.88 |\n| --- | --- |\n| Commencement Date: | S. 10(1) on 18.11.87: s. 2(2); rest of Act on 27.4.89: Special Gazette (No. 21) 27.4.89 p. 1 |\n| Current State: | All of Act in operation |\n\n\n**Superannuation Acts (Amendment) Act 1988, No. 81/1988**\n\n| Assent Date: | 20.12.88 |\n| --- | --- |\n| Commencement Date: | Ss 21, 22, 25 on 1.1.88: s. 2(1); ss 5, 10, 29, 31 on 1.7.88: s. 2(2); rest of Act on 20.12.88 s. 2(3) |\n| Current State: | All of Act in operation |\n\n\n**State Insurance Office (Amendment) Act 1989, No. 13/1989**\n\n| Assent Date: | 9.5.89 |\n| --- | --- |\n| Commencement Date: | 9.5.89 |\n| Current State: | All of Act in operation |\n\n\n**State Casual Employees Superannuation Act 1989, No. 20/1989**\n\n| Assent Date: | 16.5.89 |\n| --- | --- |\n| Commencement Date: | 1.7.89: Government Gazette 7.6.89 p. 1358 |\n| Current State: | All of Act in operation |\n\n\n**Egg Industry Act 1989, No. 49/1989**\n\n| Assent Date: | 14.6.89 |\n| --- | --- |\n| Commencement Date: | All of Act (*except* s. 63) on 2.8.89: Government Gazette 2.8.89 p. 1907; s. 63 never proclaimed, repealed by No. 47/1993 s. 4 |\n| Current State: | All of Act in operation |\n\n\n**Water (Consequential Amendments) Act 1989, No. 81/1989**\n\n| Assent Date: | 5.12.89 |\n| --- | --- |\n| Commencement Date: | 1.11.90: Government Gazette 15.8.90 p. 2473 |\n| Current State: | All of Act in operation |\n\n\n**Borrowing and Investment Powers (Further Amendment) Act 1991, No. 31/1991**\n\n| Assent Date: | 12.6.91 |\n| --- | --- |\n| Commencement Date: | S. 6 on 12.5.87: s. 2(1); rest of Act on 12.6.91: s. 2(2) |\n| Current State: | All of Act in operation |\n\n\n**Emergency Services Superannuation (MFBSF Transfer) Act 1991, No. 64/1991**\n\n| Assent Date: | 19.11.91 |\n| --- | --- |\n| Commencement Date: | All of Act (*except* ss 7–9) on 20.11.91: Government Gazette 20.11.91 p. 3146; s. 7 on 1.1.92: s. 2(2); s. 8 on 1.7.91: s. 2(3); s. 9 on 9.9.92: Government Gazette 9.9.92 p. 2634 |\n| Current State: | All of Act in operation |\n\n\n**Water (Rural Water Corporation) Act 1992, No. 50/1992**\n\n| Assent Date: | 30.6.92 |\n| --- | --- |\n| Commencement Date: | 1.7.92: Government Gazette 1.7.92 p. 1629 |\n| Current State: | All of Act in operation |\n\n\n**Borrowing and Investment Powers (Melbourne Water Corporation) Act 1992, No. 61/1992**\n\n| Assent Date: | 17.11.92 |\n| --- | --- |\n| Commencement Date: | 17.11.92 |\n| Current State: | All of Act in operation |\n\n\n**Treasury Corporation of Victoria Act 1992, No. 80/1992**\n\n| Assent Date: | 24.11.92 |\n| --- | --- |\n| Commencement Date: | 1.1.93: Special Gazette (No. 69) 23.12.92 p. 1 |\n| Current State: | All of Act in operation |\n\n\n**Dairy Industry Act 1992, No. 88/1992**\n\n| Assent Date: | 26.11.92 |\n| --- | --- |\n| Commencement Date: | 24.12.92: Special Gazette (No. 70) 24.12.92 p. 1 |\n| Current State: | All of Act in operation |\n\n\n**Meat Industry Act 1993, No. 40/1993**\n\n| Assent Date: | 1.6.93 |\n| --- | --- |\n| Commencement Date: | S. 83 on 30.6.93: Government Gazette 24.6.93 p. 1596 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Victorian Plantations Corporation Act 1993, No. 61/1993**\n\n| Assent Date: | 8.6.93 |\n| --- | --- |\n| Commencement Date: | Ss 1–3 on 8.6.93: s. 2(1); rest of Act on 1.7.93: Government Gazette 24.6.93 p. 1596 |\n| Current State: | All of Act in operation |\n\n\n**Borrowing and Investment Powers (Amendment) Act 1993, No. 99/1993** (as amended by No. 4/1994)\n\n| Assent Date: | 23.11.93 |\n| --- | --- |\n| Commencement Date: | Ss 1–3 on 23.11.93: s. 2(1); rest of Act on 23.5.94: s. 2(3) |\n| Current State: | All of Act in operation |\n\n\n**Public Sector Superannuation (Administration) Act 1993, No. 110/1993** (as amended by No. 4/1994)\n\n| Assent Date: | 30.11.93 |\n| --- | --- |\n| Commencement Date: | S. 22 on 30.11.93: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Electricity Industry Act 1993, No. 130/1993** (as amended by No. 4/1994)\n\n| Assent Date: | 14.12.93 |\n| --- | --- |\n| Commencement Date: | S. 119 on 14.12.93: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Gaming and Betting Act 1994, No. 37/1994**\n\n| Assent Date: | 2.6.94 |\n| --- | --- |\n| Commencement Date: | S. 231 on 2.6.95: s. 2(3) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Melbourne Exhibition Centre Act 1994, No. 41/1994**\n\n| Assent Date: | 7.6.94 |\n| --- | --- |\n| Commencement Date: | S. 40 on 18.8.94: Government Gazette 18.8.94 p. 2240 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Electricity Industry (Amendment) Act 1994, No. 53/1994**\n\n| Assent Date: | 15.6.94 |\n| --- | --- |\n| Commencement Date: | S. 30 on 3.10.94: Special Gazette (No. 64) 27.9.94 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Victorian Funds Management Corporation Act 1994, No. 61/1994**\n\n| Assent Date: | 15.6.94 |\n| --- | --- |\n| Commencement Date: | S. 41 on 19.7.94: Special Gazette (No. 50) 19.7.94 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Australian Grands Prix Act 1994, No. 68/1994**\n\n| Assent Date: | 25.10.94 |\n| --- | --- |\n| Commencement Date: | Pt 1 (ss 1–6) on 25.10.94: s. 2(1); rest of Act on 28.10.94: Government Gazette 27.10.94 p. 2854 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Borrowing and Investment Powers (Public Transport Corporation) Act 1994, No. 85/1994**\n\n| Assent Date: | 6.12.94 |\n| --- | --- |\n| Commencement Date: | 6.12.94 |\n| Current State: | All of Act in operation |\n\n\n**Queen Victoria Women's Centre Act 1994, No. 103/1994**\n\n| Assent Date: | 13.12.94 |\n| --- | --- |\n| Commencement Date: | Ss 1, 2 on 13.12.94: s. 2(1); rest of Act on 15.6.95: Government Gazette 15.6.95 p. 1416 |\n| Current State: | All of Act in operation |\n\n\n**Electricity Industry (Further Amendment) Act 1994, No. 110/1994**\n\n| Assent Date: | 20.12.94 |\n| --- | --- |\n| Commencement Date: | S. 34 on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Gas Industry Act 1994, No. 112/1994**\n\n| Assent Date: | 20.12.94 |\n| --- | --- |\n| Commencement Date: | S. 113 on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Melbourne City Link Authority Act 1994, No. 116/1994**\n\n| Assent Date: | 20.12.94 |\n| --- | --- |\n| Commencement Date: | Pt 1 (ss 1–6) on 20.12.94: s. 2(1); rest of Act on 22.12.94: Government Gazette 22.12.94 p. 3385 |\n| Current State: | All of Act in operation |\n\n\n**Melbourne Sports and Aquatic Centre Act 1994, No. 117/1994**\n\n| Assent Date: | 20.12.94 |\n| --- | --- |\n| Commencement Date: | Ss 1, 2 on 20.12.94: s. 2(1); rest of Act on 1.6.95: Special Gazette (No. 45) 31.5.95 p. 1 |\n| Current State: | All of Act in operation |\n\n\n**Superannuation Acts (Further Amendment) Act 1994, No. 120/1994**\n\n| Assent Date: | 20.12.94 |\n| --- | --- |\n| Commencement Date: | S. 80 on 20.12.94: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Water Industry Act 1994, No. 121/1994**\n\n| Assent Date: | 20.12.94 |\n| --- | --- |\n| Commencement Date: | Ss 1, 2 on 20.12.94: s. 2(1); rest of Act on 1.1.95: Special Gazette (No. 105) 23.12.94 p. 1 |\n| Current State: | All of Act in operation |\n\n\n**Australian Food Industry Science Centre Act 1995, No. 18/1995**\n\n| Assent Date: | 16.5.95 |\n| --- | --- |\n| Commencement Date: | Pt 1 (ss 1–4) on 16.5.95: s. 2(1); rest of Act on 1.6.95: Government Gazette 1.6.95 p. 1310 |\n| Current State: | All of Act in operation |\n\n\n**Gas and Fuel Corporation (Repeal) Act 1995, No. 31/1995**\n\n| Assent Date: | 6.6.95 |\n| --- | --- |\n| Commencement Date: | S. 52(Sch. 1 items 1.1–1.3) on 21.6.95: Special Gazette (No. 49) 14.6.95 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Port Services Act 1995, No. 82/1995**\n\n| Assent Date: | 28.11.95 |\n| --- | --- |\n| Commencement Date: | S. 194 on 14.12.95: Government Gazette 14.12.95 p. 3488—see **Interpretation of Legislation Act 1984** |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Miscellaneous Acts (Omnibus Amendments) Act 1995, No. 100/1995**\n\n| Assent Date: | 5.12.95 |\n| --- | --- |\n| Commencement Date: | Ss 3–8 on 30.4.96: Special Gazette (No. 45) 30.4.96 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Zoological Parks and Gardens Act 1995, No. 106/1995**\n\n| Assent Date: | 5.12.95 |\n| --- | --- |\n| Commencement Date: | S. 50 on 30.4.96: Special Gazette (No. 45) 30.4.96 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Superannuation Acts (Amendment) Act 1996, No. 4/1996**\n\n| Assent Date: | 18.6.96 |\n| --- | --- |\n| Commencement Date: | S. 76 on 30.6.96: s. 2(12) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Victorian Managed Insurance Authority Act 1996, No. 11/1996**\n\n| Assent Date: | 25.6.96 |\n| --- | --- |\n| Commencement Date: | S. 36 on 1.10.96: Special Gazette (No. 115) 1.10.96 p. 22 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Arts Institutions (Amendment) Act 1996, No. 61/1996**\n\n| Assent Date: | 17.12.96 |\n| --- | --- |\n| Commencement Date: | S. 88(a)–(c) on 6.2.97: Government Gazette 6.2.97 p. 257—see **Interpretation of Legislation Act 1984** |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Melbourne Convention and Exhibition Trust Act 1996, No. 71/1996**\n\n| Assent Date: | 17.12.96 |\n| --- | --- |\n| Commencement Date: | S. 34 on 5.2.97: Special Gazette (No. 16) 5.2.97 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Miscellaneous Acts (Further Omnibus Amendments) Act 1996, No. 73/1996**\n\n| Assent Date: | 17.12.96 |\n| --- | --- |\n| Commencement Date: | S. 7 on 17.12.96: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Rail Corporations Act 1996, No. 79/1996**\n\n| Assent Date: | 17.12.96 |\n| --- | --- |\n| Commencement Date: | S. 57(1)(2) on 1.3.97: Special Gazette (No. 11) 28.1.97 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Co-operatives Act 1996, No. 84/1996**\n\n| Assent Date: | 23.12.96 |\n| --- | --- |\n| Commencement Date: | S. 467(Sch. 6 item 4) on 1.10.97: Special Gazette (No. 122) 1.10.97 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Cinemedia Corporation Act 1997, No. 2/1997**\n\n| Assent Date: | 22.4.97 |\n| --- | --- |\n| Commencement Date: | S. 31 on 1.7.97: s. 2(3) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Miscellaneous Acts (Omnibus No. 3) Act 1997, No. 45/1997**\n\n| Assent Date: | 11.6.97 |\n| --- | --- |\n| Commencement Date: | Pt 4 (ss 5–8) on 11.6.97: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Melbourne and Olympic Parks (Amendment) Act 1997, No. 56/1997**\n\n| Assent Date: | 21.10.97 |\n| --- | --- |\n| Commencement Date: | S. 12 on 1.11.97: s. 2(3) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Urban Land Corporation Act 1997, No. 71/1997**\n\n| Assent Date: | 18.11.97 |\n| --- | --- |\n| Commencement Date: | S. 31 on 3.2.98: Special Gazette (No. 5) 3.2.98 p. 5 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Gas Industry (Further Amendment) Act 1997, No. 91/1997**\n\n| Assent Date: | 9.12.97 |\n| --- | --- |\n| Commencement Date: | S. 42 on 11.12.97: Special Gazette (No. 155) 9.12.97 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Audit (Amendment) Act 1997, No. 93/1997**\n\n| Assent Date: | 16.12.97 |\n| --- | --- |\n| Commencement Date: | S. 24 on 16.12.97: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Gas Safety Act 1997, No. 99/1997**\n\n| Assent Date: | 16.12.97 |\n| --- | --- |\n| Commencement Date: | S. 122 on 1.2.99: Government Gazette 21.1.99 p. 80 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Rail Corporations (Amendment) Act 1997, No. 104/1997**\n\n| Assent Date: | 16.12.97 |\n| --- | --- |\n| Commencement Date: | S. 40 on 11.6.98: Government Gazette 11.6.98 p. 1314 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Residential Tenancies Act 1997, No. 109/1997**\n\n| Assent Date: | 23.12.97 |\n| --- | --- |\n| Commencement Date: | S. 531 on 1.7.98: Government Gazette 18.6.98 p. 1512 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Electricity Safety Act 1998, No. 25/1998**\n\n| Assent Date: | 12.5.98 |\n| --- | --- |\n| Commencement Date: | S. 168 on 1.7.98: Special Gazette (No. 65) 30.6.98 p. 2 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Miscellaneous Acts (Omnibus No. 1) Act 1998, No. 43/1998**\n\n| Assent Date: | 26.5.98 |\n| --- | --- |\n| Commencement Date: | S. 50 on 1.7.98: s. 2(4) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Superannuation Acts (Amendment) Act 1998, No. 84/1998**\n\n| Assent Date: | 17.11.98 |\n| --- | --- |\n| Commencement Date: | S. 31(2) on 1.1.99: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Rail Corporations (Further Amendment) Act 1998, No. 98/1998**\n\n| Assent Date: | 24.11.98 |\n| --- | --- |\n| Commencement Date: | S. 44 on 29.4.99: Government Gazette 29.4.99 p. 967 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Government Superannuation Act 1999, No. 8/1999**\n\n| Assent Date: | 11.5.99 |\n| --- | --- |\n| Commencement Date: | S. 49(2) on 1.7.99: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Rail Corporations and Transport Acts (Amendment) Act 1999, No. 45/1999**\n\n| Assent Date: | 8.6.99 |\n| --- | --- |\n| Commencement Date: | S. 46 on 1.7.00: s. 2(3) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Audit (Amendment) Act 1999, No. 53/1999**\n\n| Assent Date: | 14.12.99 |\n| --- | --- |\n| Commencement Date: | S. 26(Sch. item 2) on 1.1.00: Government Gazette 23.12.99 p. 2764 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Melbourne Sports and Aquatic Centre (Amendment) Act 1999, No. 60/1999**\n\n| Assent Date: | 21.12.99 |\n| --- | --- |\n| Commencement Date: | S. 19 on 3.2.00: Government Gazette 3.2.00 p. 169 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Rail Corporations and Transport Acts (Miscellaneous Amendments) Act 1999, No. 63/1999**\n\n| Assent Date: | 21.12.99 |\n| --- | --- |\n| Commencement Date: | S. 14 on 1.1.01: s. 2(3) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Dairy Act 2000, No. 37/2000**\n\n| Assent Date: | 6.6.00 |\n| --- | --- |\n| Commencement Date: | S. 69 on 30.9.00: Government Gazette 28.9.00 p. 2375 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Water Industry (Amendment) Act 2000, No. 66/2000**\n\n| Assent Date: | 8.11.00 |\n| --- | --- |\n| Commencement Date: | S. 53 on 1.12.01: s. 2(4) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Melbourne City Link (Miscellaneous Amendments) Act 2000, No. 81/2000**\n\n| Assent Date: | 28.11.00 |\n| --- | --- |\n| Commencement Date: | S. 40 on 1.3.02: Special Gazette (No. 37) 26.2.02 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Victorian Curriculum and Assessment Authority Act 2000, No. 96/2000**\n\n| Assent Date: | 5.12.00 |\n| --- | --- |\n| Commencement Date: | S. 22 on 1.3.01: Government Gazette 1.3.01 p. 303 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Victorian Qualifications Authority Act 2000, No. 97/2000**\n\n| Assent Date: | 5.12.00 |\n| --- | --- |\n| Commencement Date: | S. 35 on 1.3.01: Government Gazette 1.3.01 p. 304 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001**\n\n| Assent Date: | 8.5.01 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. item 7) on 1.6.01: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Urban Land Corporation (Amendment) Act 2001, No. 29/2001**\n\n| Assent Date: | 12.6.01 |\n| --- | --- |\n| Commencement Date: | S. 9 on 1.7.01: Government Gazette 21.6.01 p. 1338 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Film Act 2001, No. 87/2001**\n\n| Assent Date: | 11.12.01 |\n| --- | --- |\n| Commencement Date: | S. 59 on 1.1.02: Government Gazette 13.12.01 p. 3063 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Port Services (Port of Melbourne Reform) Act 2003, No. 23/2003**\n\n| Assent Date: | 13.5.03 |\n| --- | --- |\n| Commencement Date: | S. 25 on 3.11.03: Government Gazette 30.10.03 p. 2744 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Southern and Eastern Integrated Transport Authority Act 2003, No. 25/2003**\n\n| Assent Date: | 13.5.03 |\n| --- | --- |\n| Commencement Date: | S. 26 on 1.7.03: Special Gazette (No. 118) 17.6.03 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Transport (Miscellaneous Amendments) Act 2003, No. 34/2003**\n\n| Assent Date: | 27.5.03 |\n| --- | --- |\n| Commencement Date: | S. 16(2) on 15.7.03: Special Gazette (No. 138) 15.7.03 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Victorian Urban Development Authority Act 2003, No. 59/2003**\n\n| Assent Date: | 16.6.03 |\n| --- | --- |\n| Commencement Date: | S. 116 on 1.8.03: Government Gazette 31.7.03 p. 2125 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Commonwealth Games Arrangements (Governance) Act 2003, No. 64/2003**\n\n| Assent Date: | 30.9.03 |\n| --- | --- |\n| Commencement Date: | S. 10 on 7.10.03: Special Gazette (No. 182) 7.10.03 p. 1 |\n| Current State: | This information relates only to the provisions amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Port Services (Port Management Reform) Act 2003, No. 85/2003**\n\n| Assent Date: | 11.11.03 |\n| --- | --- |\n| Commencement Date: | S. 31 on 1.4.04: Government Gazette 1.4.04 p. 714 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Primary Industries Legislation (Miscellaneous Amendments) Act 2004, No. 22/2004**\n\n| Assent Date: | 18.5.04 |\n| --- | --- |\n| Commencement Date: | S. 29 on 1.7.04: Government Gazette 24.6.04 p. 1742 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**World Swimming Championships Act 2004, No. 95/2004**\n\n| Assent Date: | 7.12.04 |\n| --- | --- |\n| Commencement Date: | S. 89 on 16.2.05: Government Gazette 10.2.05 p. 217 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Housing (Housing Agencies) Act 2004, No. 106/2004**\n\n| Assent Date: | 21.12.04 |\n| --- | --- |\n| Commencement Date: | S. 16 on 1.1.05: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Statute Law Revision Act 2005, No. 10/2005**\n\n| Assent Date: | 27.4.05 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. 1 item 3) on 28.4.05: s. 2 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Energy Safe Victoria Act 2005, No. 39/2005**\n\n| Assent Date: | 27.7.05 |\n| --- | --- |\n| Commencement Date: | S. 53 on 10.8.05: Special Gazette (No. 147) 9.8.05 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Transport Legislation (Further Miscellaneous Amendments) Act 2005, No. 95/2005**\n\n| Assent Date: | 29.11.05 |\n| --- | --- |\n| Commencement Date: | S. 12(1) on 13.12.05: Special Gazette (No. 254) 13.12.05 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Transport Legislation General Amendments Act 2009, No. 26/2009**\n\n| Assent Date: | 17.6.09 |\n| --- | --- |\n| Commencement Date: | S. 13 on 31.7.09: Special Gazette (No. 259) 28.7.09 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Transport Integration Act 2010, No. 6/2010** (as amended by No. 45/2010)\n\n| Assent Date: | 2.3.10 |\n| --- | --- |\n| Commencement Date: | Ss 202(3), 203(1)(Sch. 6 item 3), 204(1) on 1.7.10: Special Gazette (No. 256) 30.6.10 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Victorian Urban Development Authority Amendment (Urban Renewal Authority Victoria) Act 2011, No. 35/2011**\n\n| Assent Date: | 5.7.11 |\n| --- | --- |\n| Commencement Date: | S. 16 on 25.10.11: Special Gazette (No. 342) 25.10.11 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Transport Legislation Amendment (Port of Hastings Development Authority) Act 2011, No. 38/2011**\n\n| Assent Date: | 23.8.11 |\n| --- | --- |\n| Commencement Date: | S. 35 on 1.1.12: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Co-operatives National Law Application Act 2013, No. 9/2013**\n\n| Assent Date: | 13.3.13 |\n| --- | --- |\n| Commencement Date: | S. 42(Sch. 2 item 4) on 3.3.14: Special Gazette (No. 46) 18.2.14 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Borrowing and Investment Powers Amendment Act 2013, No. 40/2013**\n\n| Assent Date: | 28.6.13 |\n| --- | --- |\n| Commencement Date: | S. 3 on 28.6.13: s. 2 |\n| Current State: | All of Act in operation |\n\n\n**Education and Training Reform Amendment (Dual Sector Universities) Act 2013, No. 76/2013**\n\n| Assent Date: | 17.12.13 |\n| --- | --- |\n| Commencement Date: | S. 29 on 17.12.13: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Kardinia Park Stadium Act 2016, No. 7/2016**\n\n| *Assent Date:* | 1.3.16 |\n| --- | --- |\n| *Commencement Date:* | S. 48 on 16.3.16: Special Gazette (No. 55) 15.3.16 p. 1 |\n| *Current State:* | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Delivering Victorian Infrastructure (Port of Melbourne Lease Transaction) Act 2016, No. 10/2016**\n\n| *Assent Date:* | 22.3.16 |\n| --- | --- |\n| *Commencement Date:* | S. 179(Sch. 1 item 1) on 1.11.16: Special Gazette (No. 325) 25.10.16 p. 1 |\n| *Current State:* | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Aboriginal Heritage Amendment Act 2016, No. 11/2016**\n\n| Assent Date: | 5.4.16 |\n| --- | --- |\n| Commencement Date: | S. 135 on 1.8.16: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Victorian Funds Management Corporation Amendment Act 2016, No. 56/2016**\n\n| *Assent Date:* | 18.10.16 |\n| --- | --- |\n| *Commencement Date:* | Ss 14, 15 on 1.1.17: Special Gazette (No. 346) 15.11.16 p. 1 |\n| *Current State:* | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Heritage Act 2017, No. 7/2017**\n\n| Assent Date: | 15.3.17 |\n| --- | --- |\n| Commencement Date: | S. 295 on 1.11.17: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Urban Renewal Authority Victoria Amendment (Development Victoria) Act 2017, No. 10/2017**\n\n| Assent Date: | 27.3.17 |\n| --- | --- |\n| Commencement Date: | S. 30 on 1.4.17: Special Gazette (No. 94) 27.3.17 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Firefighters' Presumptive Rights Compensation and Fire Services Legislation Amendment (Reform) Act 2019, No. 20/2019**\n\n| Assent Date: | 2.7.19 |\n| --- | --- |\n| Commencement Date: | S. 144 on 1.7.20: Special Gazette (No. 328) 30.6.20 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Transport Legislation Amendment Act 2019, No. 49/2019**\n\n| Assent Date: | 3.12.19 |\n| --- | --- |\n| Commencement Date: | S. 186(Sch. 4 item 4) on 1.1.20: Special Gazette (No. 514) 10.12.19 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**North East Link Act 2020, No. 18/2020**\n\n| Assent Date: | 10.6.20 |\n| --- | --- |\n| Commencement Date: | S. 123 on 1.3.21: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Suburban Rail Loop Act 2021, No. 43/2021**\n\n| Assent Date: | 19.10.21 |\n| --- | --- |\n| Commencement Date: | S. 219(Sch. 1 item 1) on 1.12.21: Special Gazette (No. 649) 23.11.21 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**Transport Legislation Amendment (Port Reforms and Other Matters) Act 2022, No. 19/2022**\n\n| Assent Date: | 24.5.22 |\n| --- | --- |\n| Commencement Date: | S. 85 on 1.7.22: Government Gazette 23.6.22 p. 2737 |\n| Current State: | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n**State Taxation and Treasury Legislation Amendment Act 2022, No. 23/2022**\n\n| *Assent Date:* | 15.6.22 |\n| --- | --- |\n| *Commencement Date:* | Ss 3–7 on 1.7.22: s. 2(2) |\n| *Current State:* | This information relates only to the provision/s amending the **Borrowing and Investment Powers Act 1987** |\n\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n3 Explanatory details\n\n1. Pt 2: Section 9 of the **Miscellaneous Acts (Omnibus Amendments) Act 1995**, No. 100/1995 reads as follows:\n\n  9 Transitional\n\n  (1) An approval of the Treasurer under section 6 or 8 of the Principal Act as in force immediately before the commencement of this subsection has effect, on and after that commencement, as an approval of the Treasurer under section 8 of the Principal Act as amended by this Part.\n\n  (2) An approval of the Treasurer under section 7 or 9 of the Principal Act as in force immediately before the commencement of this subsection has effect, on and after that commencement, as an approval of the Treasurer under section 9 of the Principal Act as amended by this Part.\n\n  (3) An approval of the Treasurer under section 11 of the Principal Act as in force immediately before the commencement of this subsection has effect, on and after that commencement, as an approval of the Treasurer under that section of the Principal Act as amended by this Part. [↑](#endnote-ref-2)\n\n2. Pt 2 Div. 4 (Heading and s. 18) *(repealed)*: Section 25 of the **Borrowing and Investment Powers (Amendment) Act 1993**, No. 99/1993 reads as follows:\n\n  25 Transitional provisions—declared Authorities\n\n  (1) If an Authority is declared under section 17A of the Principal Act to be a Water Authority to which Schedule 1 applies, Division 4 of Part 13 of the **Water Act 1989** continues to apply to or in respect of—\n\n  (a) financial accommodation obtained by that Authority under that Division before the declaration; and\n\n  (b) financial accommodation obtained by that Authority under that Division after the declaration, pursuant to arrangements entered into before the declaration; and\n\n  (c) the investment of money by that Authority before the declaration—\n\n  as if the declaration had not been made.\n\n  (2) A guarantee by the Government of Victoria in force under section 255(3) of the **Water Act 1989** immediately before an Authority is declared under section 17A of the Principal Act to be a Water Authority to which Schedule 1 applies has effect and may be enforced as if the guarantee were a contract made on behalf of the Crown and section 23(1)(a) of the **Crown Proceedings Act 1958** applied accordingly. [↑](#endnote-ref-3)\n\n3. Sch. 1:\n\n  Sch. 1 amended by Nos 33/1988 s. 53, 81/1988 s. 40(1), 13/1989 s. 12, 20/1989 s. 42(4), 64/1991 s. 10(d), 110/1993 s. 22(2)(3), substituted by No. 99/1993 s. 8 (as amended by No. 4/1994 s. 3), amended by Nos 37/1994 s. 231, 41/1994 s. 40, 53/1994 s. 30, 61/1994 s. 41, 68/1994 s. 52, 85/1994 s. 5, 103/1994 s. 26, 110/1994 s. 34(b)(c), 112/1994 s. 113, 116/1994 s. 37, 117/1994 s. 36, 120/1994 s. 80, 121/1994 s. 212, 18/1995 s. 23(2), 31/1995 s. 52(Sch. 1 item 1.3), 82/1995 s. 194, 100/1995 s. 8(2)–(6), 106/1995 s. 50, 4/1996 s. 76, 11/1996 s. 36, 61/1996 s. 88, 71/1996 s. 34, 73/1996 s. 7, 79/1996 s. 57, 2/1997 s. 31, 45/1997 s. 8, 56/1997 s. 12, 71/1997 s. 31, 91/1997 s. 42, 93/1997 s. 24, 99/1997 s. 122, 104/1997 s. 40, 109/1997 s. 531, 25/1998 s. 168, 43/1998 s. 50, 84/1998 s. 31(2), 98/1998 s. 44, 8/1999 s. 49(2), 45/1999 s. 46, 53/1999 s. 26(Sch. item 2), 60/1999 s. 19, 63/1999 s. 14, 37/2000 s. 69, 66/2000 s. 53, 81/2000 s. 40, 96/2000 s. 22, 97/2000 s. 35, 29/2001 s. 9, 87/2001 s. 59, 23/2003 s. 25, 25/2003 s. 26, 34/2003 s. 16(2), 59/2003 s. 116, 64/2003 s. 10, 85/2003 s. 31, 22/2004 s. 29, 95/2004 s. 89, 106/2004 s. 16, 10/2005 s. 3(Sch. 1 item 3), 39/2005 s. 53, 95/2005 s. 12(1), 26/2009 s. 13, 6/2010 ss 202(3), 203(1)(Sch. 6 item 3) (as amended by No. 45/2010 s. 22), 204(1), 35/2011 s. 16, 38/2011 s. 35, 40/2013 s. 3(2), 7/2016 s. 48, 10/2016 s. 179(Sch. 1 item 1), 11/2016 s. 135, 56/2016 s. 15, 7/2017 s. 295, 10/2017 s. 30, 20/2019 s. 144, 49/2019 s. 186(Sch. 4 item 4), 18/2020 s. 123, 43/2021 s. 219(Sch. 1 item 1), 19/2022 s. 85, repealed by No. 23/2022 s. 7. [↑](#endnote-ref-4)","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"Yes. The Act began as a focused statutory vehicle to give prescribed statutory bodies power to borrow and invest. Over time its scope has broadened materially: it now expressly permits derivatives‑style 'financial arrangements' and hedging (s 11), contains validation clauses to protect third parties for past or borderline transactions (ss 11AA, 20A), creates multiple formal guarantee mechanisms (Div. 3 ss 12–17) and a distinct Part (Pt 5 ss 28–30) authorising Treasurer guarantees, indemnities and covenants for economic development projects. The Act also centralises discretion in the Treasurer and the Governor in Council (many approval points) and gives regulatory power to nominate which bodies are covered (s 31). Those additions expand the Act from a narrow borrowing/investment authorisation into a broader framework for State‑backed credit support, contingent fiscal exposure and economic development guarantees."},"complexity_factors":["Many defined terms in s 3 affecting scope (e.g. financial accommodation, financial arrangement, invest, authority, property, prescribed) — ~11 core definitions.","Frequent executive approval gates: Treasurer approvals or Governor in Council appear across Part 2 and Part 3 (at least 9 separate provisions requiring approval).","Validation and protective clauses: dedicated limited‑validation provisions for both financial transactions and investments (ss 11AA, 20A) plus assumption provisions (s 11AB).","Multiple guarantee regimes and related mechanics: separate provisions for overdraft certificates (s 12), statutory guarantees (s 13), Treasurer‑executed guarantees (s 14), guarantees for financial arrangements (s 15), and economic development guarantees (Pt 5 ss 29–30).","Cross‑references to other legislation and legal effects: enforcement as Crown contracts (s 17) and cross‑references to the Banking Act and Crown Proceedings Act increase legal interaction complexity.","Regulation power that can alter who is an authority and which sections apply (s 31), creating conditional application across many entities.","Substantial amendment history and repealed/reinserted sections noted in endnotes — many historical changes to scope and wording, adding interpretive complexity for readers checking prior versions."],"plain_english_summary":"**What this law does (mechanically)**\n\n- Gives certain prescribed public bodies (called “authorities”) explicit legal power to borrow money, obtain financial accommodation, enter into financial arrangements (including derivatives-type hedging), invest and trade investments, and underwrite securities — but only where the Treasurer or the Governor in Council gives the required approvals (see ss 3, 4, 5, 8–11, 20–22).\n\n- Authorises the Treasurer (or the Treasurer on the recommendation of the Governor in Council in some cases) to give or execute guarantees, certificates and indemnities on behalf of the Government of Victoria that back amounts payable by authorities to third parties. Guarantees given under the Act are enforceable as contracts made on behalf of the Crown (see Div. 3, especially ss 12–17 and Pt 5 ss 29–30).\n\n- Creates limited “validation” rules that allow certain past or doubtful financial transactions or investments entered into by an authority to be enforced as if the authority had been properly authorised to enter them (see ss 11AA and 20A).\n\n- Allows the Treasurer to attach terms and conditions to guarantees and to require securities or indemnities from the private party or the authority (see ss 14, 14A, 15, 29–30).\n\n- Provides that sums the Treasurer must pay under guarantees come from the Consolidated Fund and that recoveries are paid back into that Fund (s 16 and s 30(6)).\n\n- Enables the Governor in Council to make regulations that (among other things) prescribe which persons or bodies are “authorities” and which sections of the Act apply to them (s 31).\n\n**Who this affects**\n\n- Prescribed authorities (statutory bodies and other persons/bodies the regulations nominate). Only those prescribed by regulation can use the powers in the Act (ss 3, 3A, 31).\n\n- Creditors, lenders and counterparties who deal with authorities: their contractual rights may be guaranteed by the State, and validation provisions improve their commercial certainty for certain past or borderline transactions (ss 11AA, 20A, 14, 15).\n\n- The Victorian Government and Victorian taxpayers: guarantees create contingent liabilities that the Treasurer may be called on to meet from the Consolidated Fund (ss 16, 30(6)).\n\n**Why it matters (practical consequences and mechanics)**\n\n- Credit enhancement and market access: authorities approved under the Act can be given State backing, which raises their creditworthiness and lowers borrowing costs for those entities (ss 12–15, 29).\n\n- Centralised discretion and conditionality: approvals and guarantees are discretionary and usually require the Treasurer’s approval or Governor in Council action; the Treasurer can place conditions, demand securities, and limit assignment of guarantee benefits (ss 4, 11, 14, 29–30). That concentrates decision authority in the executive.\n\n- Fiscal exposure and contingent liabilities: when the State guarantees an authority’s obligations, the Government becomes the payer of last resort and must appropriate funds from the Consolidated Fund to meet calls under those guarantees (s 16; Pt 5 s 30(6)).\n\n- Risk management tools formally allowed: the Act explicitly permits authorities (with approval) to enter into “financial arrangements” to hedge currency, interest-rate, commodity and similar risks — i.e. derivatives-style contracts — and validates some past transactions to protect third parties (s 11; s 11AA).\n\n- Market effects and potential substitution: State guarantees can change lending incentives and competition — they may make lenders more willing to lend to guaranteed authorities and may change the allocation of credit between private firms and State-backed entities (ss 12–15, 29).\n\n**Official stated purpose and a light test of trade‑offs**\n\n- The Act’s stated purpose is to provide borrowing and investment powers for certain statutory bodies. That mechanical description is accurate: the Act creates authorisation gates for borrowing, investing, hedging and State guarantees (s 1; Parts 2 and 3).\n\n- Costs and incentives: the Act shifts credit risk from lenders to the State when guarantees are used (ss 12–15, 29). That lowers funding costs for the guaranteed body but creates a fiscal risk for the Government (s 16). The Treasurer’s discretion (s 14, s 29) is the primary mechanism to manage that fiscal risk.\n\n- Compliance and administrative burden: authorities must obtain Treasurer or Governor in Council approvals for most powers, and the Treasurer can require security and impose conditions (ss 4, 11, 14, 20, 21, 29–30). That centralisation reduces legal uncertainty for counterparties but increases administrative steps for authorities.\n\n- Implementation risks and clarity: validation clauses (ss 11AA and 20A) reduce counterparty risk for transactions that may have been outside an authority’s power at the time. Guarantees are enforceable as Crown contracts (s 17), giving legal clarity to creditors but creating a clear contingent public obligation.\n\n**Who pays, who decides, and how behaviour changes**\n\n- Who decides: the Treasurer (and in some cases the Governor in Council acting on the Treasurer’s recommendation) decides whether an authority may borrow, enter particular financial arrangements, invest, underwrite or obtain a State guarantee (ss 4, 5, 8–11, 14, 20–22, 29).\n\n- Who pays: if a guarantee is called, the Treasurer meets the payment from the Consolidated Fund; any recovery from the authority is paid back into that Fund (ss 16, 30(6)).\n\n- Behavioural effect: authorities with access to this Act’s powers — especially with guarantees — will be able to borrow and hedge more cheaply and undertake larger projects; lenders and markets will price in the Government’s backing where a guarantee is in place; the Treasurer’s approval process is the control point intended to limit fiscal exposure (ss 11, 14, 29–30).\n\n**Key provisions to read first**\n\n- Definitions and who counts as an authority (s 3, s 3A).\n- General authorisations (s 4, s 19).\n- Borrowing/financial accommodation rules and validations (ss 5, 8–11, 11AA–11AB).\n- Guarantees, appropriations and enforcement (ss 12–17, s 16, s 17).\n- Investment powers and trading/validation (ss 20–22, s 20A).\n- Guarantees for economic development (Pt 5, ss 28–30).\n- Regulation-making power and prescription of authorities (s 31).\n\n(References are to sections cited in the Act.)"},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":true,"description":"The legislation has grown significantly beyond its original 1987 purpose of providing basic borrowing and investment powers for statutory bodies. Major expansions include: (1) 1993 addition of Part 5 allowing Treasurer guarantees for private economic development projects (not just government authorities); (2) 1995 expansion to include sophisticated financial instruments like derivatives and hedging (financial arrangements); (3) 1994 addition of assumption of obligations powers (s.11AB) for corporate restructures; (4) 2022 shift to a fully 'pick-and-apply' model (s.3A) replacing the former scheduled list approach. The Act has evolved from a simple borrowing powers statute to a comprehensive financial management and economic development tool."},"complexity_factors":["35+ years of amendment history with 50+ amending Acts, creating a heavily annotated text with extensive repealed sections and transitional provisions","Section 3A creates a 'pick-and-apply' mechanism where sections only apply to authorities if prescribed, requiring cross-referencing with regulations","Multiple overlapping approval requirements: Governor in Council for some matters, Treasurer for others, and different approval thresholds for domestic vs international transactions","Complex defined terms including 'financial accommodation' (covering 6 specific categories plus catch-all approval mechanism), 'financial arrangement' (derivatives/hedging), and 'invest' (including divestment and protection strategies)","Nested guarantee structure: automatic statutory guarantees (s.13), certificated guarantees (s.12), discretionary guarantees (s.14), and assumption guarantees (s.14A), each with different conditions","Part 5 (economic development) operates as a separate regime with its own definitions, guarantee mechanisms, and enforcement restrictions (e.g., s.30(4) requires exhaustion of other securities first)","Validation provisions (ss.11AA, 20A) create conditional enforceability based on counterparty good faith, adding factual complexity","Repealed schedules and divisions (e.g., former Schedule 1, Division 4 of Part 2) leave ghost provisions and transitional references that complicate historical interpretation","Interaction with Commonwealth law: references to 'authorised deposit-taking institution' from the Commonwealth Banking Act 1959"],"plain_english_summary":"**What this law does:**\n\nThis Act gives certain Victorian government bodies (called \"authorities\") the legal power to borrow money and make investments. It also allows the Victorian Government to guarantee (promise to pay back) loans taken out by these bodies.\n\n**Who it affects:**\n\n- **Authorities**: Government bodies that are listed in regulations (rules made under this Act). These could include water corporations, transport bodies, or other statutory entities.\n- **The Treasurer**: Who must approve most borrowing and investment activities.\n- **Lenders and investors**: Banks, financial institutions, and other parties who provide loans or investment opportunities to these authorities.\n\n**Key things the law allows:**\n\n**Borrowing powers:**\n- Authorities can get **financial accommodation** (a legal term meaning loans, overdrafts, bills of exchange, leases for financing purposes, and other financial benefits) within Australia or overseas, with Treasurer approval.\n- They can enter into **financial arrangements** like hedging (protecting against currency or interest rate changes) and derivatives (complex financial contracts).\n- They can take on leases where the lease is for financing (not just operating) purposes.\n\n**Government guarantees:**\n- The Government of Victoria automatically guarantees some borrowing (like overdrafts certified by the Treasurer).\n- The Treasurer can execute (sign) guarantees for other financial accommodation, meaning the government promises to pay if the authority defaults (fails to pay).\n- Money to pay out guarantees comes from the **Consolidated Fund** (the government's main bank account).\n\n**Investment powers:**\n- Authorities can invest money in ways approved by the Governor in Council (the formal decision-making body of the Victorian Government) on the Treasurer's recommendation.\n- They can trade investments (buy and sell shares, securities, etc.) and underwrite (guarantee the sale of) shares or securities.\n\n**Economic development projects:**\n- Part 5 allows the Treasurer to give guarantees, indemnities (promises to cover losses), or covenants (binding promises) to help develop Victorian industries—including manufacturing, tourism, exports, and employment.\n\n**Why it matters:**\n\nThis Act is the legal foundation that lets Victorian government bodies raise money for infrastructure, services, and projects. Without it, these bodies couldn't legally borrow from banks or invest surplus funds. The government guarantee provisions make it cheaper for authorities to borrow because lenders know the government backs the loan. The economic development powers allow the government to support private sector projects that boost the Victorian economy.\n\n**Special features:**\n- **Pick-and-apply structure**: Section 3A means specific sections of the Act only apply to specific authorities if regulations say so. This allows tailored powers for different bodies.\n- **Validation provisions**: Sections 11AA and 20A protect innocent third parties—if an authority accidentally enters into a transaction it wasn't strictly authorised to make, the transaction is still valid if the other party acted in good faith.\n- **Assumption of obligations**: Section 11AB lets authorities take over loans from other entities (like in corporate restructures), with Treasurer approval."},"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"Insufficient content was provided to assess whether the scope of the Act changed from its original intent. The version history indicates it has been consolidated (updated over time), which suggests amendments may have occurred, but no detail is available to determine whether those amendments altered the original scope."},"complexity_factors":["Insufficient legislative text provided — only metadata and version history were supplied, preventing meaningful content analysis","Financial and borrowing legislation typically involves defined limits, conditions, and approved instruments that add moderate complexity","Interplay between borrowing powers and investment powers may involve cross-referencing other Victorian financial legislation","Legislation from 1987 may contain outdated financial terminology requiring contextual interpretation"],"plain_english_summary":"The Borrowing and Investment Powers Act 1987 governs how Victorian public bodies may borrow money and invest funds, affecting government departments and statutory authorities that raise funds or manage surpluses. It matters because it sets legal limits on borrowing and investment to protect public money and curb reckless or inappropriate financial activity. Note: this teaser is based only on the Act’s title and version history, not its full text."}},"importantCases":[],"_links":{"self":"/api/acts/borrowing-and-investment-powers-act-1987","history":"/api/acts/borrowing-and-investment-powers-act-1987/history","analysis":"/api/acts/borrowing-and-investment-powers-act-1987/analysis","conflicts":"/api/acts/borrowing-and-investment-powers-act-1987/conflicts","importantCases":"/api/acts/borrowing-and-investment-powers-act-1987/important-cases","documents":"/api/acts/borrowing-and-investment-powers-act-1987/documents"}}