{"id":"northern-territory-treasury-corporation-act-1994","name":"Northern Territory Treasury Corporation Act 1994","slug":"northern-territory-treasury-corporation-act-1994","collection":"act","jurisdiction":"nt","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":30443,"registerId":"nt-northern-territory-treasury-corporation-act-1994-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Northern Territory Treasury Corporation Act 1994","content":"NORTHERN TERRITORY OF AUSTRALIA\nNORTHERN TERRITORY TREASURY CORPORATION ACT 1994\nAs in force at 11 December 2018\nTable of provisions\nPart 1 Preliminary\n1 Short title ......................................................................................... 1\n2 Commencement .............................................................................. 1\n3 Definitions ........................................................................................ 1\nPart 2 Northern Territory Treasury Corporation\n4 Northern Territory Treasury Corporation ......................................... 2\n5 Ministerial direction .......................................................................... 2\n6 Corporation Represents Crown ....................................................... 2\n7 Common seal of Corporation ........................................................... 3\n8 Advisory board................................................................................. 3\n9 Employees of Corporation ............................................................... 3\n10 Assignment of employees to Corporation ........................................ 3\n11 Delegation ....................................................................................... 3\n12 Profits and losses of Corporation..................................................... 4\nPart 3 Functions and powers of Corporation\n13 Functions of Corporation ................................................................. 4\n14 Powers of Corporation ..................................................................... 6\n15 Limitation on powers ........................................................................ 7\nPart 4 Financial provisions and guarantees\n16 Enforcement of obligations in agreements ...................................... 8\n17 Notice of trust not to be received ..................................................... 9\n19 Inscribed stock issued by Corporation ............................................. 9\n20 Statutory guarantee ....................................................................... 10\n21 Appropriation ................................................................................. 10\n22 Protection of persons dealing with Corporation ............................. 10\n23 Fees and commissions .................................................................. 11\nPart 5 Accounts and audit of Corporation\n27 Estimates ....................................................................................... 11\n28 Payment of money into and from an official bank account ............ 11\n29 Proper accounts to be kept ............................................................ 12\n30 Audit .............................................................................................. 12\n31 Annual report and financial statements ......................................... 13\n\nNorthern Territory Treasury Corporation Act 1994 ii\nPart 6 Miscellaneous\n32 Duties and taxes ............................................................................ 13\n33 Statutory Corporations, &c., may deal with Corporation ................ 14\n33A Corporation excluded matter under Corporations Act 2001 ........... 14\n34 Regulations.................................................................................... 14\n35 Transitional .................................................................................... 15\nENDNOTES\n\n\n\nNORTHERN TERRITORY OF AUSTRALIA\n____________________\nAs in force at 11 December 2018\n____________________\nNORTHERN TERRITORY TREASURY CORPORATION ACT 1994\nAn Act to establish the Northern Territory Treasury Corporation and to\nenable the Corporation to borrow and lend money, and for related\npurposes\nPart 1 Preliminary\n1 Short title\nThis Act may be cited as the Northern Territory Treasury\nCorporation Act 1994.\n2 Commencement\nThis Act shall come into operation, or shall be deemed to have\ncome into operation, on 1 July 1994.\n3 Definitions\nIn this Act, unless the contrary intention appears:\nadvisory board means the advisory board established under this\nAct.\nAgency has the same meaning as in the Financial Management\nAct 1995.\nbank means:\n(a) an ADI; or\n(b) a bank, other than a bank referred to in paragraph (a), which\ncarries on banking business outside Australia.\nCorporation means the Northern Territory Treasury Corporation\nestablished by section 4.\n\nPart 2 Northern Territory Treasury Corporation\nNorthern Territory Treasury Corporation Act 1994 2\nmoney means the lawful currency of Australia or any other country.\nNote for section 3\nThe Interpretation Act 1978 contains definitions and other provisions that may be\nrelevant to this Act.\nPart 2 Northern Territory Treasury Corporation\n4 Northern Territory Treasury Corporation\n(1) There is established by this section a corporation to be known as\nthe Northern Territory Treasury Corporation.\n(2) The Corporation:\n(a) is a body corporate with perpetual succession;\n(b) shall have a common seal; and\n(c) is capable, in its corporate name, of acquiring, holding, dealing\nwith and disposing of real and personal property (including an\ninterest in such real or personal property) and of suing and\nbeing sued.\n(3) All courts, judges and persons acting judicially shall take judicial\nnotice of the common seal of the Corporation affixed to a document\nand shall assume that it was duly affixed.\n(4) The Corporation shall consist of the Under Treasurer.\n5 Ministerial direction\n(1) The Corporation, in the exercise of its powers and the performance\nof its functions under this Act, is subject to the directions of the\nTreasurer.\n(2) A record of all directions given under subsection (1) in a financial\nyear shall be included in the annual report of the Corporation for\nthat year prepared under section 31.\n6 Corporation Represents Crown\nThe Corporation represents the Crown in right of the Territory and,\nsubject to this Act, has and may exercise and claim all the powers,\nprivileges, rights and remedies of the Crown.\n\nPart 2 Northern Territory Treasury Corporation\nNorthern Territory Treasury Corporation Act 1994 3\n7 Common seal of Corporation\n(1) The common seal of the Corporation shall be in the custody of the\nUnder Treasurer and may be affixed by him or her or any other\nperson authorised by the Corporation.\n(2) An authorisation under subsection (1) shall be in writing under the\ncommon seal.\n8 Advisory board\n(1) The Corporation may, with the approval of the Treasurer, establish\nan advisory board to exercise such powers and perform such\nfunctions as are determined, from time to time, by the Treasurer.\n(2) The advisory board shall be constituted by the Under Treasurer and\nnot more than 5 other persons appointed by the Treasurer.\n9 Employees of Corporation\n(1) The Corporation may employ such number of employees as it\nthinks necessary for the administration of the Corporation.\n(2) The employment of an employee under subsection (1) may be\nmade under the Public Sector Employment and Management Act\n1993.\n10 Assignment of employees to Corporation\n(1) The Under Treasurer may designate and assign employees of the\nAgency of which he or she is the Chief Executive Officer to perform\nduties which, in the opinion of the Corporation, are required for the\nexercise of its powers and the performance of its functions under\nthis Act.\n(2) A person who is required to perform duties on behalf of the\nCorporation under subsection (1) may perform those duties in\nconjunction with any other duties the person is required to perform\nby reason of the person being an employee of the Agency referred\nto in subsection (1).\n11 Delegation\n(1) The Corporation may, in writing under its common seal, delegate to\na member of the advisory board, an employee of the Corporation or\nan employee, within the meaning of the Public Sector Employment\nand Management Act 1993, any of its powers and functions under\nthis Act.\n\nPart 3 Functions and powers of Corporation\nNorthern Territory Treasury Corporation Act 1994 4\n(2) A power delegated under this section may be exercised by the\ndelegate in accordance with the instrument of delegation and,\nwhere so exercised, shall, for the purposes of this Act, be deemed\nto have been exercised by the Corporation.\n(3) A delegation under this section to an employee may be to an\nemployee from time to time holding, acting in or performing the\nduties of an office, designation or position.\n(4) A delegation under this section is revocable at will and does not\nprevent the Corporation exercising a power or performing a function\nso delegated.\n12 Profits and losses of Corporation\nAll profits made by the Corporation, except those profits which the\nTreasurer, from time to time, determines may be retained by the\nCorporation, shall accrue to the benefit of the Central Holding\nAuthority and all losses shall be met from the public moneys of the\nTerritory and the appropriation for that purpose is hereby\nestablished or increased to the extent necessary.\nPart 3 Functions and powers of Corporation\n13 Functions of Corporation\n(1) The functions of the Corporation are:\n(a) to act as a financial institution for the benefit of and the\nprovision of financial resources and services to the Territory,\nstatutory corporations, local government councils and other\npersons approved by the Treasurer;\n(b) to enhance the financial position of the Corporation, the\nTerritory, statutory corporations, local government councils\nand other persons approved by the Treasurer; and\n(c) to enter into and perform financial and other arrangements\nthat, in the opinion of the Corporation, have as their objective\neither:\n(i) the advancement of the financial interests of the\nTerritory;\n(ii) the development of the Territory or a part of the\nTerritory; or\n\nPart 3 Functions and powers of Corporation\nNorthern Territory Treasury Corporation Act 1994 5\n(iii) the benefit of persons or a class of persons resident in,\nor having or likely to have an association with, the\nTerritory.\n(2) For the purposes of subsection (1), the Corporation may:\n(a) borrow or raise money or otherwise obtain financial\naccommodation in Australia or elsewhere for itself, the\nTerritory, statutory corporations, local government councils\nand other persons approved by the Treasurer;\n(b) loan or advance money or otherwise make financial\naccommodation available to the Territory, statutory\ncorporations, local government councils and other persons\napproved by the Treasurer;\n(c) act as a central borrowing authority and capital raising\nauthority for the Territory, statutory corporations, local\ngovernment councils and other persons approved by the\nTreasurer;\n(d) act as agent for the Territory, statutory corporations, local\ngovernment councils and other persons approved by the\nTreasurer in negotiating, entering into and performing financial\nand other arrangements;\n(e) accept money on deposit from the Territory, statutory\ncorporations, local government councils and other persons;\n(f) manage the funds, and invest the funds, of the Territory in\naccordance with section 29 of the Financial Management Act\n1995;\n(g) manage the funds, and invest the funds, of the Corporation,\nstatutory corporations, local government councils and other\npersons approved by the Treasurer;\n(h) manage or cause to be managed, or give advice concerning\nthe management of, the financial rights and obligations of the\nTerritory, statutory corporations, local government councils\nand other persons approved by the Treasurer; and\n(j) undertake such other activities as the Treasurer may, from\ntime to time, direct.\n\nPart 3 Functions and powers of Corporation\nNorthern Territory Treasury Corporation Act 1994 6\n14 Powers of Corporation\n(1) The Corporation, in performing its functions under this Act, has, in\naddition to any other power given under this Act, both within and\noutside the Territory:\n(a) the powers conferred on a company under the Corporations\nAct 2001;\n(b) without limiting paragraph (a), power to issue debentures,\nbonds, inscribed stock and other securities and power to\nredeem, buy back, hold, cancel, re-issue, re-sell or otherwise\ndeal with the same; and\n(c) such other powers as may be conferred on it by the Treasurer.\n(2) Without limiting the generality of subsection (1), the Corporation\nmay:\n(a) enter into contracts;\n(b) grant security for performance of obligations or repayment of\nthe Corporation or any other person;\n(c) grant guarantees and indemnities in respect of, or otherwise\nassume responsibility for, the obligations of any person;\n(d) assume a liability incurred by a person;\n(e) form, or participate in the formation of, a body corporate,\nassociation, partnership, trust or other body;\n(f) be a member of, or acquire an interest in, a body corporate,\npartnership, trust or other body;\n(g) enter into a joint venture with another person or persons;\n(h) appoint agents and attorneys for the purpose of exercising any\nof its powers or performing any of its functions, and act as\nagent for any person;\n(j) accept money on deposit;\n(k) open an account or accounts with any bank, within Australia or\nelsewhere;\n(m) issue, draw, accept, endorse or discount bills of exchange,\npromissory notes or other negotiable instruments; or\n\nPart 3 Functions and powers of Corporation\nNorthern Territory Treasury Corporation Act 1994 7\n(n) enter into interest rate swaps, currency swaps, hedge\nagreements, financial options, futures contracts or options,\nforward exchange rate agreements or analogous transactions,\nwhether or not the transaction is entered into for the purpose\nof managing or protecting against any financial or currency\nrisk.\n15 Limitation on powers\n(1) Notwithstanding section 13 or 14, the Corporation may not:\n(a) grant security for the performance of the obligations of any\nperson, other than the Corporation, without the approval of the\nTreasurer; or\n(b) exercise a power specified in section 14(2)(c), (d), (e), (f) or\n(g) without the approval of the Treasurer.\n(2) Notwithstanding section 13 or 14, the Corporation may only invest\nfunds of or under the control of the Corporation:\n(a) in securities of or guaranteed by the Government of the\nTerritory, the Commonwealth or a State or another Territory of\nthe Commonwealth;\n(b) in or with a statutory body whose obligations are guaranteed\nby the Government of the Territory, the Commonwealth or a\nState or another Territory of the Commonwealth;\n(c) in any bank or other body corporate that maintains such\nminimum credit rating specified by the Treasurer as is\npublished from time to time by a credit rating agency approved\nby the Treasurer;\n(d) in a building society or credit union approved by the Treasurer;\n(f) whether secured or unsecured:\n(i) in capital market investments issued by a body corporate\nthat maintains such minimum credit rating specified by\nthe Treasurer as is published from time to time by a\ncredit rating agency approved by the Treasurer;\n(ii) in debentures, securities or other obligations of\ngovernments, government authorities or statutory\nbodies;\n\nPart 4 Financial provisions and guarantees\nNorthern Territory Treasury Corporation Act 1994 8\n(iii) in promissory notes made by a body corporate referred\nto in paragraph (c) or a statutory body whether\nconstituted under an Act of the Territory, the\nCommonwealth or a State or another Territory of the\nCommonwealth;\n(iv) in certificates of deposit issued by a bank; and\n(v) in negotiable instruments (including, without limitation,\nbills of exchange and promissory notes) issued, drawn,\naccepted or endorsed by a bank;\n(j) with a dealer in the short term money market with established\nlines of credit with the Reserve Bank of Australia or a lender of\nlast resort; or\n(k) in such other investments as the Treasurer, from time to time,\ndetermines.\n(3) Money received by the Corporation as a result of an investment\nmade under this section shall be paid to the official ADI account,\nwithin the meaning of the Financial Management Act 1995, from\nwhich the money the subject of the investment was drawn.\nPart 4 Financial provisions and guarantees\n16 Enforcement of obligations in agreements\nWhere a provision in a document entered into by the Corporation:\n(a) prevents or restricts termination of that, or any other,\ndocument by the Corporation;\n(b) states that an obligation of the Corporation is absolute and\nunconditional in all, or in specified, circumstances;\n(c) prevents the Corporation from making any set off or raising\nany defence or counterclaim, or restricts the ability of the\nCorporation to do so;\n(d) states that the Corporation shall not be released, relieved or\ndischarged from an obligation owed by it by reason of any, or\nany specified, matter or thing;\n(e) states that an obligation of the Corporation shall not be\nprejudiced or affected by reason of any, or any specified,\nmatter or thing; or\n\nPart 4 Financial provisions and guarantees\nNorthern Territory Treasury Corporation Act 1994 9\n(f) states that an item which is or may become affixed to land will\nnot constitute a fixture or otherwise be or become part of that\nland,\nthat provision shall operate, and be enforceable, in accordance with\nits terms notwithstanding any Act or rule of law to the contrary.\n17 Notice of trust not to be received\nUnless the Corporation otherwise expressly agrees in writing in a\nparticular case, the Corporation and persons acting on its behalf\nshall:\n(a) not receive and shall be deemed to have not received notice\nof any trust (express, implied or constructive) in relation to a\ntransaction entered into by the Corporation under this Act; and\n(b) not be bound to see to the execution of any trust that may\naffect the transaction.\n19 Inscribed stock issued by Corporation\n(1) All inscribed stock of the Corporation:\n(a) shall be issued in such series, at such times and places in or\noutside the Territory and in such manner as the Corporation\nthinks fit;\n(b) shall bear interest at such rate or rates (if any) and be\nredeemable at such date or dates and at such place or places\nin or outside the Territory as advised by the Corporation;\n(c) may, with the consent of the registered owner, be paid off at\nany time prior to the due date at not more than the amount of\nthe principal remaining unpaid at the time or, at the discretion\nof the Corporation, at a premium with interest to the date of\npayment only; and\n(d) shall rank equally unless the Corporation otherwise expressly\ndetermines in respect of particular inscribed stock.\n(2) Unless the Corporation expressly provides in respect of particular\ninscribed stock, no inscribed stock of the Corporation shall entitle\nthe registered owner to a charge or other security in respect of the\nincome, revenue or other assets of the Corporation.\n(3) In the case of an application to purchase inscribed stock:\n(a) the Corporation may require the applicant to lodge, as\nsecurity, all or part of the purchase consideration;\n\nPart 4 Financial provisions and guarantees\nNorthern Territory Treasury Corporation Act 1994 10\n(b) where an application is accepted, the inscribed stock that is\nissued shall bear interest at the rate or rates advised in\naccordance with this section on the amount lodged as security\nfrom the date of lodgement; or\n(c) where an application is not accepted, the Corporation shall\nrefund to the applicant the amount lodged as security,\ntogether with such amount of interest as the Corporation\nconsiders appropriate.\n20 Statutory guarantee\nAll obligations incurred or assumed by the Corporation under this\nAct are guaranteed by the Treasurer on behalf of the Territory.\n21 Appropriation\nMoney payable by the Treasurer under a guarantee arising by\nvirtue of section 20 is a charge on and shall be paid out of the\npublic moneys of the Territory and the appropriation for that\npurpose is hereby established or increased to the extent necessary.\n22 Protection of persons dealing with Corporation\n(1) A person who enters into a transaction with the Corporation:\n(a) is not required to enquire into the application of money, credit\nor other financial accommodation provided by the person; and\n(b) is not responsible in any way for any non-application or\nmisapplication of the money, credit or other financial\naccommodation.\n(2) A person who enters into a transaction with the Corporation is\nentitled to assume that the Corporation:\n(a) has power to enter in to the transaction;\n(b) is entering into the transaction in the performance of its\nfunctions under this Act;\n(c) has obtained all approvals required under this Act to enable it\nto enter into the transaction; and\n(d) in entering into the transaction, has otherwise complied with\nthis Act and with any direction given by the Treasurer under\nthis Act,\n\nPart 5 Accounts and audit of Corporation\nNorthern Territory Treasury Corporation Act 1994 11\nunless, at the time the transaction is entered into, the person has:\n(e) actual knowledge to the contrary; or\n(f) a connection or relationship with the Corporation which is such\nthat the person ought to know that the contrary is in fact the\ncase.\n(3) A person who enters into a transaction with the Corporation is\nentitled to make an assumption under subsection (2) at the time the\ntransaction is entered into and the Corporation may not\nsubsequently assert that the contrary is the case and that the\ntransaction is not binding on the Corporation.\n23 Fees and commissions\nThe Corporation may charge a fee or commission in respect of any\ntransaction entered into or thing done by the Corporation in carrying\nout its functions under this Act.\nPart 5 Accounts and audit of Corporation\n27 Estimates\nThe Corporation shall prepare estimates, in such form as the\nTreasurer directs, of its receipts and expenditures for each financial\nyear and, if so directed by the Treasurer, for any other period and\nshall submit those estimates to the Treasurer not later than such\ndate as the Treasurer directs.\n28 Payment of money into and from an official bank account\n(1) The Corporation shall pay all money received by it into an official\nADI account established by the Treasurer under the Financial\nManagement Act 1995.\n(2) All payments by the Corporation shall be drawn on the official ADI\naccount referred to in subsection (1) but no such payment shall be\nmade unless money sufficient for the payment stands to the credit\nof the account.\n(3) The Treasurer shall make such transactions as are necessary with\nthe Corporation for the recording and processing of the receipts and\npayments of the Corporation in the official ADI account referred to\nin subsection (1).\n\nPart 5 Accounts and audit of Corporation\nNorthern Territory Treasury Corporation Act 1994 12\n29 Proper accounts to be kept\n(1) The Corporation shall cause to be kept proper accounts and\nrecords of its transactions and affairs in accordance with the\naccounting principles generally applied in commercial practice and\nshall do all things necessary to ensure that all payments out of its\nmoney are correctly made and properly authorised and that\nadequate control is maintained over the property of, or in the\ncustody of, the Corporation and over the commitment of money by\nthe Corporation.\n(2) Where the Treasurer is satisfied that the activities of the\nCorporation are such that it is not necessary for it to keep accounts\nand records in the manner required by subsection (1), the\nTreasurer may in writing notify the Corporation of the accounting\nprinciples that it should apply in keeping its accounts and records\nand the Corporation shall comply with such notification accordingly.\n30 Audit\n(1) The Auditor-General shall inspect and audit the accounts and\nrecords of the Corporation and shall forthwith draw the attention of\nthe Treasurer to any irregularity disclosed by the inspection and\naudit that is, in the opinion of the Auditor-General, of sufficient\nimportance to justify his or her so doing.\n(2) The Auditor-General may, at his or her discretion, dispense with all\nor any part of the detailed inspection and audit of accounts or\nrecords referred to in subsection (1).\n(3) The Auditor-General shall, not less than once each year, report to\nthe Treasurer the results of the inspection and audit carried out\nunder subsection (1).\n(4) The Auditor-General or an authorised auditor is entitled at all\nreasonable times to full and free access to all accounts and records\nof the Corporation and to make copies of, or take extracts from, any\nsuch accounts or records.\n(5) The Auditor-General or a person authorised in writing by the\nAuditor-General may require a person to furnish him or her with\nsuch information in the possession of the person or to which the\nperson has access, as the Auditor-General or authorised person\nconsiders necessary for the purposes of the functions of the\nAuditor-General under this section, and the person shall comply\nwith the requirement.\n\nPart 6 Miscellaneous\nNorthern Territory Treasury Corporation Act 1994 13\n31 Annual report and financial statements\n(1) The Corporation shall not later than 6 months after the end of each\nfinancial year, or within such other period of time as the Treasurer\ndetermines, prepare for submission to the Treasurer a report of its\noperations during the financial year, together with financial\nstatements in respect of the year in such form as the Treasurer\napproves.\n(2) Before submitting financial statements referred to in subsection (1)\nto the Treasurer, the Corporation shall submit them to the Auditor-\nGeneral who shall, not later than 3 months after receipt of each\nfinancial statement or within such further period as the\nAdministrator allows, report to the Treasurer:\n(a) whether, in the Auditor-General's opinion:\n(i) the statements are based on proper accounts and are in\nagreement with the accounts and have been properly\ndrawn up so as to present a true and fair view of the\ntransactions for the financial year of the Corporation and\nthe financial position at the end of that year; and\n(ii) the receipt and expenditure of money and the acquisition\nand disposal of property by the Corporation during the\nyear have been in accordance with this Act; and\n(b) such other matters and things arising out of the statements as\nthe Auditor-General considers should be reported to the\nTreasurer.\n(3) The Treasurer shall cause a copy of the report and financial\nstatements referred to in subsection (1) together with a copy of the\nreport of the Auditor-General to be laid before the Legislative\nAssembly within 6 sitting days after their receipt by the Treasurer.\nPart 6 Miscellaneous\n32 Duties and taxes\nThe Corporation, in the exercise of its powers and the performance\nof its functions under this Act, shall pay such duties and taxes as\nthe Treasurer, from time to time, determines.\n\nPart 6 Miscellaneous\nNorthern Territory Treasury Corporation Act 1994 14\n33 Statutory Corporations, &c., may deal with Corporation\nA statutory corporation or local government council may:\n(a) borrow or raise money or otherwise obtain financial\naccommodation from the Corporation;\n(b) invest moneys on deposit with, or in securities issued by, the\nCorporation; or\n(c) enter into any other transaction which the Corporation\nproposes to enter into with it in the performance of the\nCorporation's functions under this Act,\nnotwithstanding anything in any other law in force in the Territory\nwhich prohibits or may prohibit the statutory corporation or local\ngovernment council from so doing.\n33A Corporation excluded matter under Corporations Act 2001\nExcept to the extent that the Corporations Act 2001 expressly binds\nthe Crown, the Corporation is declared to be an excluded matter for\nthe purposes of section 5F of the Corporations Act 2001 in relation\nto the whole of the Corporations legislation to which Part 1.1A of\nthat Act applies.\n34 Regulations\n(1) The Administrator may make regulations not inconsistent with this\nAct, prescribing matters:\n(a) required or permitted by this Act to be prescribed; or\n(b) necessary or convenient to be prescribed for carrying out or\ngiving effect to this Act.\n(2) Without limiting the generality of subsection (1), the Regulations:\n(a) may prescribe the form of and the manner of issuing securities\nby the Corporation;\n(b) may provide for the keeping and inspection of and the taking\nof copies of or extracts from the register of inscribed stock\nledgers of the Corporation; and\n(c) may provide for lost or defaced debentures, coupons, bonds,\nstock certificates and other securities issued by the\nCorporation and the destruction of discharged debentures,\ncoupons, bonds, stock certificates and other securities.\n\nPart 6 Miscellaneous\nNorthern Territory Treasury Corporation Act 1994 15\n35 Transitional\n(1) The Treasurer may, in writing, declare that assets and liabilities of\nthe Territory (including rights and obligations of the Territory under\nany document issued or entered into by it) identified, or of a class\nidentified, in the determination shall, as from the date specified in\nthe determination, be transferred to and become assets and\nliabilities of the Corporation.\n(2) On the date specified in a determination under subsection (1), the\nassets and liabilities the subject of the determination shall be\ntransferred to and become assets and liabilities of the Corporation.\n(3) A transfer of assets and liabilities under this section does not:\n(a) give rise to any claim for breach of contract or breach of any\nother legal or equitable obligation; or\n(b) be used as a ground for terminating a contract or other\ninstrument or exercising any other right, power or remedy.\n(4) The holder of a security issued by the Territory and affected by a\ndetermination under subsection (1) is entitled, on surrender of the\nsecurity, to be issued in exchange with a corresponding security of\nthe Corporation, at which time the original security is cancelled.\n\nENDNOTES\nNorthern Territory Treasury Corporation Act 1994 16\nENDNOTES\n1 KEY\nKey to abbreviations\namd = amended od = order\napp = appendix om = omitted\nbl = by-law pt = Part\nch = Chapter r = regulation/rule\ncl = clause rem = remainder\ndiv = Division renum = renumbered\nexp = expires/expired rep = repealed\nf = forms s = section\nGaz = Gazette sch = Schedule\nhdg = heading sdiv = Subdivision\nins = inserted SL = Subordinate Legislation\nlt = long title sub = substituted\nnc = not commenced\n2 LIST OF LEGISLATION\nNorthern Territory Treasury Corporation Act 1994 (Act No. 39, 1994)\nAssent date 30 June 1994\nCommenced 1 July 1994 (s 2)\nFinancial Management (Consequential Amendments) Act 1995 (Act No. 5, 1995)\nAssent date 21 March 1995\nCommenced 1 April 1995 (s 2, s 2 Financial Management 1995 (Act No. 4,\n1995) and Gaz S13, 31 March 1995)\nTrustee (Consequential Amendments) Act 1996 (Act No. 8, 1996)\nAssent date 20 March 1996\nCommenced 26 February 1996 (s 2, s 2 Trustee Amendment Act (No. 2)\n1995 (Act No. 60, 1995) and Gaz G7, 14 February 1996, p 2)\nNorthern Territory Treasury Corporation Amendment Act 1998 (Act No. 47, 1998)\nAssent date 27 May 1998\nCommenced 27 May 1998\nCorporations Reform (Consequential Amendments NT) Act 2001 (Act No. 17, 2001)\nAssent date 29 June 2001\nCommenced 15 July 2001 (s 2, s 2 Corporations Act 2001 (Cth Act No. 50,\n2001) and Cth Gaz S285, 13 July 2001)\nStatute Law Revision Act (No. 2) 2001 (Act No. 62, 2001)\nAssent date 11 December 2001\nCommenced 11 December 2001\nStatute Law Revision (Financial Provisions) Act 2002 (Act No. 38, 2002)\nAssent date 13 September 2002\nCommenced 30 October 2002 (Gaz G43, 30 October 2002, p 3)\n\nENDNOTES\nNorthern Territory Treasury Corporation Act 1994 17\nStatute Law Revision Act 2007 (Act No. 4, 2007)\nAssent date 8 March 2007\nCommenced 8 March 2007\nLocal Government (Consequential Amendments) Act 2008 (Act No. 28, 2008)\nAssent date 14 November 2008\nCommenced 1 July 2008 (s 2)\nFinancial Management Amendment Act 2009 (Act No. 15, 2009)\nAssent date 18 June 2009\nCommenced 18 June 2009\nLocal Government Amendment Act 2014 (Act No. 19, 2014)\nAssent date 2 June 2014\nCommenced s 16: 1 July 2014; s 18: 1 December 2014; rem: 2 June 2014\n(s 2)\nInterpretation Legislation Amendment Act 2018 (Act No. 22, 2018)\nAssent date 8 November 2018\nCommenced pt 2 and ss 19, 20 and 25 to 27: nc; rem: 11 December 2018\n(Gaz S101, 11 December 2018)\n3 GENERAL AMENDMENTS\nGeneral amendments of a formal nature (which are not referred to in the table\nof amendments to this reprint) are made by the Interpretation Legislation\nAmendment Act 2018 (Act No. 22, 2018) to: ss 1, 3, 9, 11, 13, 15 and 28.\n4 LIST OF AMENDMENTS\ns 3 amd No. 5, 1995, s 19; No. 38, 2002, s 6; No. 28, 2008, s 3; No. 19, 2014,\ns 26; No. 22, 2018, s 39\ns 12 amd No. 5, 1995, s 19; No. 4, 2007, s 7; No. 15, 2009, s 16\ns 13 amd No. 5, 1995, s 19\ns 14 amd No. 47, 1998, s 3; No. 17, 2001, s 13; No. 38, 2002, s 6\ns 15 amd No. 5, 1995, s 19; No. 47, 1998, s 4; No. 62, 2001, s 15; No. 38, 2002,\ns 6\ns 18 rep No. 8, 1996, s 3\ns 21 amd No. 5, 1995, s 19; No. 15, 2009, s 16\nss 24 – 26 rep No. 5, 1995, s 19\ns 28 amd No. 5, 1995, s 19; No. 38, 2002, s 6\ns 33A ins No. 17, 2001, s 13","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"},"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The Act, as reprinted in 2018, retains its original core function (establishing a central borrowing/lending entity for the Territory) but has expanded in scope and operational detail since enactment. Post‑enactment changes added or clarified significant elements: explicit capital‑markets powers (issuing and managing securities and derivative transactions) and their limits (amendments in 1998 and 2001 reflected in s 14 and s 15); explicit exclusion/interaction with the Corporations Act (s 33A); broadened arrangements allowing statutory corporations and local councils to deal with the Corporation notwithstanding other Territory laws (s 33); and detailed statutory protections for third parties and contractual mechanisms (ss 16, 17, 22). These amendments move the Act beyond a narrow enabling statute into a more fully articulated financial‑institution framework, increasing its operational reach and the Territory’s contingent fiscal exposures."},"complexity_factors":["35 sections across 6 Parts with multiple subsections and cross-references (length and structure)","Cross-references to other statutes: Financial Management Act 1995, Corporations Act 2001, Interpretation Act 1978, Public Sector Employment and Management Act 1993 (external dependencies)","Numerous Treasurer discretions and approvals required (ss 5, 15, 29(2), 33) creating conditional logic","Nested limits: broad powers in s 14 limited by specific prohibitions and approval requirements in s 15 (exceptions to general powers)","Detailed investment eligibility rules with multiple subparagraphs and external credit‑rating linkage (s 15(2))","Strong third‑party protection and contract override clauses (ss 16, 17, 22) that interact with common law and other statutes","Statutory guarantee and appropriation mechanics creating contingent public finance effects (ss 20–21)","Audit, reporting and accounting procedures with timelines and tabling requirements (ss 27–31)","Transitional transfer power allowing the Treasurer to move assets/liabilities to Corporation (s 35) — operationally significant and conditional","Relatively small number of defined terms in s 3 but many terms and roles are implied by cross-reference (Under Treasurer, Treasurer, Agency, Central Holding Authority)"],"plain_english_summary":"**What this law does (mechanically)**\n\n- Creates a corporate body called the Northern Territory Treasury Corporation (\"the Corporation\") and makes the Under Treasurer the Corporation (s 4).\n- Gives the Corporation broad financial powers to borrow, lend, accept deposits, issue securities (debentures, bonds, inscribed stock), enter into financial contracts (including derivatives), act as central borrowing and capital‑raising authority, and act as agent for the Territory and other approved bodies (ss 13–14).\n- Provides that all obligations of the Corporation are statutorily guaranteed by the Treasurer on behalf of the Territory (s 20), and that payments under that guarantee are a charge on public moneys (s 21).\n- Requires the Corporation to bank and account through official Territory accounts, keep commercial‑standard accounts, be audited by the Auditor‑General, and produce annual financial statements and a report to the Treasurer (ss 28–31).\n- Allows the Treasurer to direct the Corporation (s 5) and to approve or limit many of its activities (notably grants of security, guarantees, participation in other bodies, and certain investments) (s 15, s 14(1)(c)).\n- Gives the Corporation statutory protections when dealing with third parties: parties may assume the Corporation had power and approvals and the Corporation cannot later repudiate those transactions where the party had no knowledge to the contrary (s 22). Contract terms that aim to remove defences or limit termination are enforceable as written (s 16).\n- Permits the Treasurer to transfer Territory assets and liabilities to the Corporation (transitional provisions) so they become Corporation assets/liabilities (s 35).\n\n**Who is affected**\n\n- The Territory government and its finances: the Territory bears contingent liability for Corporation obligations because of the statutory guarantee (s 20–21).\n- The Under Treasurer and the Treasurer: the Under Treasurer is the Corporation and the Treasurer has direction, approval and appropriation powers (ss 4, 5, 15, 21).\n- Statutory corporations, local government councils and any other persons the Treasurer approves: they can borrow from, invest with, or otherwise transact with the Corporation (ss 13, 33).\n- Commercial lenders, banks and investors: the Corporation is permitted to issue securities and enter capital markets; it can also accept deposits and transact with banks (s 14).\n- Third parties entering transactions with the Corporation: they gain transaction security because the Act treats their assumptions about the Corporation’s power and approvals as valid absent actual knowledge to the contrary (s 22).\n\n**Why this matters (stated purposes and practical effects)**\n\n- Stated purpose in the Act: to provide a financial institution that supplies financial resources and services to the Territory and approved public bodies, and to act as a central borrowing/capital raising authority for the Territory (s 13).\n\n- Concrete fiscal mechanism: section 20 creates a statutory guarantee of the Corporation’s obligations by the Treasurer; section 21 makes payments under that guarantee an appropriation charge on public moneys. Mechanically, that shifts credit risk for Corporation liabilities onto the Territory’s public balance sheet.\n\n- Market and administrative effects: the Corporation can operate in capital markets, offer centralised borrowing and on‑lending, and provide investment and cash management services to public entities (ss 13–14). At the same time the Treasurer retains approval and direction rights over key activities (ss 5, 15), which channels strategic control into the executive.\n\n**Implementation rules, limits and checks**\n\n- Investment and lending limits are specified and controlled by the Treasurer (s 15(2)). The Act restricts permissible investments largely to government‑guaranteed securities, approved ADIs, high‑rated corporates, and other classes specified or approved by the Treasurer.\n- Major activities (granting security for others’ obligations; guarantees; assuming others’ liabilities; forming or investing in other entities; joint ventures) require Treasurer approval (s 15(1)).\n- Financial transparency and oversight: statutory audit by the Auditor‑General, annual reporting to the Treasurer and tabling requirements in the Legislative Assembly (ss 30–31).\n\n**Costs, incentives and trade‑offs (mechanisms, not judgments)**\n\n- Who pays: losses on Corporation obligations are ultimately met from public moneys (s 12 and s 21), because profits accrue to the Central Holding Authority except where the Treasurer permits retention (s 12). The mechanism creates a contingent fiscal cost to the Territory.\n- Incentives for borrowers and the Corporation: the statutory guarantee (s 20) and the Corporation’s role as a central borrower can lower borrowing costs for approved public borrowers (ss 13–14), because the market can rely on Territory backing. That reduces market discipline on those borrowers but increases the Territory’s contingent exposure.\n- Concentrated benefits vs diffuse costs: the main beneficiaries of services are identifiable public bodies and approved persons (s 13), while the cost of guarantee coverage is borne broadly by Territory finances (s 21). The Treasurer’s discretion to approve access (ss 13, 15) concentrates selection power in one office.\n- Competition and substitution: by providing borrowing, deposit and investment services to public entities and issuing securities itself, the Corporation can substitute for commercial banks and capital markets for some public business (ss 13–14). The Act contains investment credit‑quality constraints (s 15(2)), which limit risk‑taking and make the Corporation’s portfolio skew toward government or highly rated counterparties.\n- Compliance and operational burden: the Corporation must follow official accounting procedures, bank through official ADI accounts, submit estimates to the Treasurer, be audited and report annually (ss 27–31, 28). The Treasurer can set accounting expectations (s 29(2)).\n- Legal risk allocation: the Act strengthens contractual certainty for third parties (ss 16–17, 22) by making certain restrictive contract clauses and notices of trust ineffective against the Corporation unless it consents.\n\n**Implementation risks and discretion**\n\n- The Treasurer has multiple discretionary levers (directions, approvals, investment determinations, power to specify who may access services) (ss 5, 15, 29(2), 33). That concentrates operational control and creates dependence on executive decisions for scope and risk appetite.\n- The transitional power to transfer Territory assets and liabilities into the Corporation (s 35) can materially alter the Territory balance sheet depending on the Treasurer’s determinations.\n\n(References in parentheses are to the section numbers in the Act.)"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose of establishing a central borrowing and financial management authority for the Northern Territory. While amendments have updated references to modern financial legislation (Corporations Act 2001, Financial Management Act 1995) and refined investment powers, the core scope has not expanded beyond the original intent of providing treasury and banking services to the Territory government and approved entities."},"complexity_factors":["Moderate cross-referencing to other NT legislation (Financial Management Act 1995, Public Sector Employment and Management Act 1993, Corporations Act 2001)","Conditional limitations on powers requiring Treasurer approval (section 15 creates multiple approval triggers)","Detailed investment restrictions in section 15(2) with multiple nested categories (paragraphs (a) through (k) with sub-paragraphs)","Interaction with Commonwealth corporations law (section 33A exclusion from Corporations Act)","Standard statutory corporation provisions (seal, delegation, audit) that add procedural bulk without conceptual complexity","Missing section numbers (18, 24-26) indicating repealed provisions that create gaps in numbering","Transitional provisions allowing asset transfers by determination (section 35)"],"plain_english_summary":"**What this law does:**\n\nThis Act creates the **Northern Territory Treasury Corporation** (NTTC) — essentially the Northern Territory government's own bank and financial manager.\n\n**Who it affects:**\n- **The NT Government** — the Corporation manages government funds, borrows money on its behalf, and invests surplus cash\n- **Statutory corporations and local councils** — they can borrow from the NTTC and deposit money with it\n- **Private investors** — can buy bonds and securities issued by the Corporation\n- **The Under Treasurer** — who effectively runs the Corporation (it's a one-person body corporate)\n\n**Key things the Corporation can do:**\n- **Borrow money** for the Territory (acting as the government's central borrowing authority)\n- **Lend money** to government agencies, councils, and approved entities\n- **Invest funds** according to strict rules (mostly safe investments like government bonds or highly-rated banks)\n- **Issue securities** like bonds and inscribed stock (government IOUs that investors can buy)\n- **Manage financial risk** through swaps, futures, and hedging\n\n**Important safeguards:**\n- The **Treasurer** (the Minister) gives directions and must approve risky activities like granting security for others' debts or forming joint ventures\n- **All debts are guaranteed by the Territory** — if the Corporation can't pay, the government must (backed by public money)\n- **Strict investment rules** — can't invest in speculative or low-rated investments without Treasurer approval\n- **Annual audits** by the Auditor-General and public reporting to Parliament\n\n**Why it matters:**\nThis keeps the Territory's finances centralized and professional. Instead of every government department negotiating its own loans, the NTTC handles all borrowing at better rates. It also ensures public money is invested safely while providing a way for private investors to lend to the government through guaranteed bonds."}},"importantCases":[],"_links":{"self":"/api/acts/northern-territory-treasury-corporation-act-1994","history":"/api/acts/northern-territory-treasury-corporation-act-1994/history","analysis":"/api/acts/northern-territory-treasury-corporation-act-1994/analysis","conflicts":"/api/acts/northern-territory-treasury-corporation-act-1994/conflicts","importantCases":"/api/acts/northern-territory-treasury-corporation-act-1994/important-cases","documents":"/api/acts/northern-territory-treasury-corporation-act-1994/documents"}}