{"id":"qld:act-1988-054","name":"Queensland Treasury Corporation Act 1988","slug":"queensland-treasury-corporation-act-1988","collection":"act","jurisdiction":"qld","status":"in_force","isInForce":true,"actNumber":"54 of 1988","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104909,"registerId":"qld-act-1988-054-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"pt.1","sectionType":"part","heading":"Preliminary","content":"# Preliminary","sortOrder":0},{"sectionNumber":"sec.1","sectionType":"section","heading":"Short title","content":"### sec.1 Short title\n\nThis Act may be cited as the Queensland Treasury Corporation Act 1988 .","sortOrder":1},{"sectionNumber":"sec.2","sectionType":"section","heading":"Commencement","content":"### sec.2 Commencement\n\nSection 1 and this section shall commence on the day on which this Act is assented to for and on behalf of Her Majesty.\nSubject to subsection (1) , the provisions of this Act shall commence on 1 July, 1988 which date is in this Act called the commencement of this Act.\n(sec.2-ssec.1) Section 1 and this section shall commence on the day on which this Act is assented to for and on behalf of Her Majesty.\n(sec.2-ssec.2) Subject to subsection (1) , the provisions of this Act shall commence on 1 July, 1988 which date is in this Act called the commencement of this Act.","sortOrder":2},{"sectionNumber":"sec.3","sectionType":"section","heading":null,"content":"### Section sec.3\n\ns 3 om 28 June 1994 RA s 36","sortOrder":3},{"sectionNumber":"sec.4","sectionType":"section","heading":"Definitions","content":"### sec.4 Definitions\n\nIn this Act—\nadvisory board means an advisory board established under this Act.\ns 4 def advisory board amd 1995 No. 58 s 4 sch 1\naffiliate means any company, partnership, or any other association or body of persons, whether corporate or unincorporate in which the Corporation has a controlling interest or which the Corporation is directly or indirectly in a position to control.\nappointed under an Act , in relation to a person or member, means—\na person or member, who is appointed under an Act; or\na person or member, whose appointment is confirmed by the Governor in Council or a Minister under an Act.\ns 4 def appointed under an Act ins 1996 No. 54 s 9 sch\nattributed amount ...\ns 4 def attributed amount ins 1994 No. 31 s 3\nom 2013 No. 39 s 24\nbank includes an entity that carries on banking business outside Australia and is approved by the Treasurer.\ns 4 def bank sub 1997 No. 17 s 45\nchief executive means the chief executive of the department.\ns 4 def chief executive ins 1998 No. 21 s 40 sch 2\nCorporation means the corporation sole referred to in section 5 (2) as preserved and continued in force under the name and style ‘Queensland Treasury Corporation’.\nfinancial arrangements means arrangements entered into in Queensland or elsewhere, and whether or not the parties are resident or situated in Queensland or elsewhere that provide for, relate to or are directed towards—\nthe borrowing of money, the raising of money or the obtaining of all forms of financial accommodation in Australia or elsewhere, including by the issue of debentures, bonds, inscribed stock and other securities;\nthe lending of money;\nthe entering into and performance of deferred payment arrangements as debtor or creditor;\nthe granting or taking of leases (or the letting or taking on hire for any term whatsoever) of land, buildings, plant, machinery, equipment and any other property as lessee, lessor, hirer, owner or tenant;\nthe entering into of partnerships, trusts, ventures and the formation of companies;\nthe acquisition, holding, dealing with, guaranteeing, consolidation, reissue and disposal of—\nshares in any body corporate, company debentures, bonds, stock and other securities of any body corporate and including debentures, bonds, inscribed stock and other securities issued by any statutory body including the Corporation;\nland, buildings, plant, machinery, equipment and any other property and any interest thereon or mortgage or any other charge in respect thereto;\nthe taking of land or any interest in land;\nthe acceptance of money on deposit;\nthe entering into of covenants, undertakings, arrangements, promises, guarantees and indemnities to meet obligations or liabilities incurred by or to any person, whether or not that person is a party to the covenants, undertakings, arrangements, promises, guarantees and indemnities;\nthe entering into of arrangements directed at the granting of financial accommodation by or to any person, whether or not the person is a party to the arrangements;\nthe entering into of purchase obligations as purchaser or sale obligations as seller, to purchase or sell, as the case may be, any output or other product or service of any kind whatsoever;\ninvestment in Australia or elsewhere in any of the ways referred to in section 20 (1) ;\nthe issuance, drawing, acceptance, endorsement or discounting of bills of exchange, promissory notes, payment orders or other negotiable instruments;\nthe formation or establishment of, participation in the formation or establishment of, or participation in a business undertaking;\nthe underwriting of issues of shares in, or debentures or other securities of, a business undertaking;\nthe holding of money, real property or other property as trustee or agent;\nany transaction for the purpose of managing or varying financial returns or managing or varying financial or currency risks (including but not limited to currency exchange rate, interest rate, discount rate, volatility or other risks);\nany transaction for the purpose of returning a gain or avoiding a loss by reference to currency obligations, currency exchange rate movements, or interest or discount rate movements;\nand any other arrangements which the Treasurer determines to be a financial arrangement for the purposes of this Act.\nmoney means the lawful currency of Australia or any other country.\noutstanding amount ...\ns 4 def outstanding amount ins 1994 No. 31 s 3\nom 2013 No. 39 s 24\nperformance dividend ...\ns 4 def performance dividend ins 1994 No. 31 s 3\nom 2013 No. 39 s 24\nstatutory body means an entity established under an Act that—\nhas control of funds and consists of only 1 person appointed under an Act; or\nhas control of funds and has, or may have, at least 1 member appointed under an Act; or\nhas funds, or from time to time may have funds, and even though it does not have any members appointed under an Act, its decisions are made, or its funds are controlled, by—\nanother person appointed under the same Act; or\nanother entity established under the same Act that has, or may have, at least 1 member who is appointed under the Act ; or\nis a corporation sole constituted by a Minister, or the chief executive or an officer of a department; or\nis a local government; or\nis declared under the Act to be a statutory body for the Statutory Bodies Financial Arrangements Act 1982 or this Act; or\nis declared under a regulation under this Act to be a statutory body.\ns 4 def statutory body sub 1996 No. 54 s 9 sch\nthe Treasurer ...\ns 4 def the Treasurer om 1994 No. 31 s 2 sch 1\nthe Under Treasurer ...\ns 4 def the Under Treasurer om 28 June 1994 RA s 39\ns 4 amd 1994 No. 31 s 2 sch 1\n- (a) a person or member, who is appointed under an Act; or\n- (b) a person or member, whose appointment is confirmed by the Governor in Council or a Minister under an Act.\n- (a) the borrowing of money, the raising of money or the obtaining of all forms of financial accommodation in Australia or elsewhere, including by the issue of debentures, bonds, inscribed stock and other securities;\n- (b) the lending of money;\n- (c) the entering into and performance of deferred payment arrangements as debtor or creditor;\n- (d) the granting or taking of leases (or the letting or taking on hire for any term whatsoever) of land, buildings, plant, machinery, equipment and any other property as lessee, lessor, hirer, owner or tenant;\n- (e) the entering into of partnerships, trusts, ventures and the formation of companies;\n- (f) the acquisition, holding, dealing with, guaranteeing, consolidation, reissue and disposal of— (i) shares in any body corporate, company debentures, bonds, stock and other securities of any body corporate and including debentures, bonds, inscribed stock and other securities issued by any statutory body including the Corporation; (ii) land, buildings, plant, machinery, equipment and any other property and any interest thereon or mortgage or any other charge in respect thereto;\n- (i) shares in any body corporate, company debentures, bonds, stock and other securities of any body corporate and including debentures, bonds, inscribed stock and other securities issued by any statutory body including the Corporation;\n- (ii) land, buildings, plant, machinery, equipment and any other property and any interest thereon or mortgage or any other charge in respect thereto;\n- (g) the taking of land or any interest in land;\n- (h) the acceptance of money on deposit;\n- (i) the entering into of covenants, undertakings, arrangements, promises, guarantees and indemnities to meet obligations or liabilities incurred by or to any person, whether or not that person is a party to the covenants, undertakings, arrangements, promises, guarantees and indemnities;\n- (j) the entering into of arrangements directed at the granting of financial accommodation by or to any person, whether or not the person is a party to the arrangements;\n- (k) the entering into of purchase obligations as purchaser or sale obligations as seller, to purchase or sell, as the case may be, any output or other product or service of any kind whatsoever;\n- (l) investment in Australia or elsewhere in any of the ways referred to in section 20 (1) ;\n- (m) the issuance, drawing, acceptance, endorsement or discounting of bills of exchange, promissory notes, payment orders or other negotiable instruments;\n- (n) the formation or establishment of, participation in the formation or establishment of, or participation in a business undertaking;\n- (o) the underwriting of issues of shares in, or debentures or other securities of, a business undertaking;\n- (p) the holding of money, real property or other property as trustee or agent;\n- (q) any transaction for the purpose of managing or varying financial returns or managing or varying financial or currency risks (including but not limited to currency exchange rate, interest rate, discount rate, volatility or other risks);\n- (r) any transaction for the purpose of returning a gain or avoiding a loss by reference to currency obligations, currency exchange rate movements, or interest or discount rate movements;\n- (i) shares in any body corporate, company debentures, bonds, stock and other securities of any body corporate and including debentures, bonds, inscribed stock and other securities issued by any statutory body including the Corporation;\n- (ii) land, buildings, plant, machinery, equipment and any other property and any interest thereon or mortgage or any other charge in respect thereto;\n- (a) has control of funds and consists of only 1 person appointed under an Act; or\n- (b) has control of funds and has, or may have, at least 1 member appointed under an Act; or\n- (c) has funds, or from time to time may have funds, and even though it does not have any members appointed under an Act, its decisions are made, or its funds are controlled, by— (i) another person appointed under the same Act; or (ii) another entity established under the same Act that has, or may have, at least 1 member who is appointed under the Act ; or\n- (i) another person appointed under the same Act; or\n- (ii) another entity established under the same Act that has, or may have, at least 1 member who is appointed under the Act ; or\n- (d) is a corporation sole constituted by a Minister, or the chief executive or an officer of a department; or\n- (e) is a local government; or\n- (f) is declared under the Act to be a statutory body for the Statutory Bodies Financial Arrangements Act 1982 or this Act; or\n- (g) is declared under a regulation under this Act to be a statutory body.\n- (i) another person appointed under the same Act; or\n- (ii) another entity established under the same Act that has, or may have, at least 1 member who is appointed under the Act ; or","sortOrder":4},{"sectionNumber":"pt.2","sectionType":"part","heading":"Queensland Treasury Corporation","content":"# Queensland Treasury Corporation","sortOrder":5},{"sectionNumber":"sec.5","sectionType":"section","heading":"Constitution of Corporation","content":"### sec.5 Constitution of Corporation\n\nThis Act shall be administered by the Treasurer and subject to direction by the Treasurer, by the chief executive.\nThe corporation sole constituted by the Under Treasurer under section 4 of the Statutory Bodies Financial Arrangements Act 1982 under the name and style ‘The Queensland Government Development Authority’ is preserved and continues in existence as so constituted as a corporation sole under the name and style ‘Queensland Treasury Corporation’ but so that the corporate identity of that corporation sole is not affected.\nThe Corporation, by the name given to it by subsection (2) shall have perpetual succession and an official seal.\nAll courts, judges, justices and other persons acting judicially shall take judicial notice of the appointment of the chief executive and of the chief executive’s signature and of the imprint of the official seal of the Corporation affixed to any document or writing.\nIt shall be presumed until the contrary is proved that the imprint of the official seal of the Corporation and the signature of the chief executive affixed to any document or writing was duly so affixed.\ns 5 amd 1995 No. 58 s 4 sch 1 ; 2003 No. 19 s 3 sch\n(sec.5-ssec.1) This Act shall be administered by the Treasurer and subject to direction by the Treasurer, by the chief executive.\n(sec.5-ssec.2) The corporation sole constituted by the Under Treasurer under section 4 of the Statutory Bodies Financial Arrangements Act 1982 under the name and style ‘The Queensland Government Development Authority’ is preserved and continues in existence as so constituted as a corporation sole under the name and style ‘Queensland Treasury Corporation’ but so that the corporate identity of that corporation sole is not affected.\n(sec.5-ssec.3) The Corporation, by the name given to it by subsection (2) shall have perpetual succession and an official seal.\n(sec.5-ssec.4) All courts, judges, justices and other persons acting judicially shall take judicial notice of the appointment of the chief executive and of the chief executive’s signature and of the imprint of the official seal of the Corporation affixed to any document or writing.\n(sec.5-ssec.5) It shall be presumed until the contrary is proved that the imprint of the official seal of the Corporation and the signature of the chief executive affixed to any document or writing was duly so affixed.","sortOrder":6},{"sectionNumber":"sec.6","sectionType":"section","heading":"Consequence of change of name of authority","content":"### sec.6 Consequence of change of name of authority\n\nIn this section—\nauthority means the corporation sole referred to in section 5 (2) as it existed before the commencement of this Act under the name and style ‘The Queensland Government Development Authority’.\nOn and from the commencement of this Act—\nall real and personal property, and every right, title, estate or interest therein and all management or control of anything that immediately prior to the commencement of this Act was vested in or belonged to the authority shall continue to be vested in and belong to the Corporation without any transfer assignment or conveyance or notice other than this Act;\nall moneys and liquidated and unliquidated claims that immediately prior to the commencement of this Act were payable to or recoverable by the authority shall be moneys and liquidated and unliquidated claims payable to or recoverable by the Corporation;\nall suits actions and proceedings and all causes of action pending or existing immediately prior to the commencement of this Act by or against the authority may be carried and prosecuted by or against the Corporation, and no such suit, action or proceedings shall abate or be prejudicially affected by this Act;\nnothing in this Act prejudicially affects any contracts, agreements and undertakings entered into with, and all securities lawfully given to, or by the authority and existing at the commencement of this Act;\nall debts due and moneys payable by the authority and all liquidated and unliquidated claims recoverable against the authority shall be debts due and moneys payable by and claims recoverable against the Corporation;\na delegation made by the authority under the Statutory Bodies Financial Arrangements Act 1982 and in force immediately prior to the commencement of this Act shall continue in full force and effect.\nNothing in this Act prejudicially affects any security, rights, powers, authorities and remedies of a holder of any debenture, bond, inscribed stock, note, mortgage, deed or other security given by the authority (including a security given by the authority under section 12 of the Statutory Bodies Financial Arrangements Act 1982 ) prior to the commencement of this Act.\nAll debentures, bonds and inscribed stock issued by the authority and to which section 25 of the Statutory Bodies Financial Arrangements Act 1982 applies and issued on and after 1 September 1982 and before the commencement of the Statutory Bodies Financial Arrangements Act Amendment Act 1984 shall continue to be a charge upon the Corporation’s income and revenue from whatever source arising.\nNothing in this Act prejudicially affects any guarantee given by the Treasurer on behalf of the Government under section 16 of the Statutory Bodies Financial Arrangements Act 1982 .\nIn subsections (4) and (5) , a reference to the Statutory Bodies Financial Arrangements Act 1982 is a reference to the Act as in force from time to time before the commencement of the Statutory Bodies Financial Arrangements Amendment Act 1996 .\nThe registrar of titles or other person required by any Act or law to make or enter any note or memorial on any instrument of title to land on receiving notice thereof shall, upon the written request of the Corporation, register the change of name of the authority to the Corporation for or with respect to any right, title, estate or interest in land to which the Corporation is entitled under this section, and for that purpose may make every entry, cancellation and correction in any register, record or book in his or her custody or under his or her control and do and execute such other acts and things as shall to him or her appear necessary and proper.\ns 6 amd 1995 No. 58 s 4 sch 1 ; 1996 No. 54 s 9 sch ; 2003 No. 19 s 3 sch\n(sec.6-ssec.1) In this section— authority means the corporation sole referred to in section 5 (2) as it existed before the commencement of this Act under the name and style ‘The Queensland Government Development Authority’.\n(sec.6-ssec.2) On and from the commencement of this Act— all real and personal property, and every right, title, estate or interest therein and all management or control of anything that immediately prior to the commencement of this Act was vested in or belonged to the authority shall continue to be vested in and belong to the Corporation without any transfer assignment or conveyance or notice other than this Act; all moneys and liquidated and unliquidated claims that immediately prior to the commencement of this Act were payable to or recoverable by the authority shall be moneys and liquidated and unliquidated claims payable to or recoverable by the Corporation; all suits actions and proceedings and all causes of action pending or existing immediately prior to the commencement of this Act by or against the authority may be carried and prosecuted by or against the Corporation, and no such suit, action or proceedings shall abate or be prejudicially affected by this Act; nothing in this Act prejudicially affects any contracts, agreements and undertakings entered into with, and all securities lawfully given to, or by the authority and existing at the commencement of this Act; all debts due and moneys payable by the authority and all liquidated and unliquidated claims recoverable against the authority shall be debts due and moneys payable by and claims recoverable against the Corporation; a delegation made by the authority under the Statutory Bodies Financial Arrangements Act 1982 and in force immediately prior to the commencement of this Act shall continue in full force and effect.\n(sec.6-ssec.3) Nothing in this Act prejudicially affects any security, rights, powers, authorities and remedies of a holder of any debenture, bond, inscribed stock, note, mortgage, deed or other security given by the authority (including a security given by the authority under section 12 of the Statutory Bodies Financial Arrangements Act 1982 ) prior to the commencement of this Act.\n(sec.6-ssec.4) All debentures, bonds and inscribed stock issued by the authority and to which section 25 of the Statutory Bodies Financial Arrangements Act 1982 applies and issued on and after 1 September 1982 and before the commencement of the Statutory Bodies Financial Arrangements Act Amendment Act 1984 shall continue to be a charge upon the Corporation’s income and revenue from whatever source arising.\n(sec.6-ssec.5) Nothing in this Act prejudicially affects any guarantee given by the Treasurer on behalf of the Government under section 16 of the Statutory Bodies Financial Arrangements Act 1982 .\n(sec.6-ssec.5A) In subsections (4) and (5) , a reference to the Statutory Bodies Financial Arrangements Act 1982 is a reference to the Act as in force from time to time before the commencement of the Statutory Bodies Financial Arrangements Amendment Act 1996 .\n(sec.6-ssec.6) The registrar of titles or other person required by any Act or law to make or enter any note or memorial on any instrument of title to land on receiving notice thereof shall, upon the written request of the Corporation, register the change of name of the authority to the Corporation for or with respect to any right, title, estate or interest in land to which the Corporation is entitled under this section, and for that purpose may make every entry, cancellation and correction in any register, record or book in his or her custody or under his or her control and do and execute such other acts and things as shall to him or her appear necessary and proper.\n- (a) all real and personal property, and every right, title, estate or interest therein and all management or control of anything that immediately prior to the commencement of this Act was vested in or belonged to the authority shall continue to be vested in and belong to the Corporation without any transfer assignment or conveyance or notice other than this Act;\n- (b) all moneys and liquidated and unliquidated claims that immediately prior to the commencement of this Act were payable to or recoverable by the authority shall be moneys and liquidated and unliquidated claims payable to or recoverable by the Corporation;\n- (c) all suits actions and proceedings and all causes of action pending or existing immediately prior to the commencement of this Act by or against the authority may be carried and prosecuted by or against the Corporation, and no such suit, action or proceedings shall abate or be prejudicially affected by this Act;\n- (d) nothing in this Act prejudicially affects any contracts, agreements and undertakings entered into with, and all securities lawfully given to, or by the authority and existing at the commencement of this Act;\n- (e) all debts due and moneys payable by the authority and all liquidated and unliquidated claims recoverable against the authority shall be debts due and moneys payable by and claims recoverable against the Corporation;\n- (f) a delegation made by the authority under the Statutory Bodies Financial Arrangements Act 1982 and in force immediately prior to the commencement of this Act shall continue in full force and effect.","sortOrder":7},{"sectionNumber":"sec.7","sectionType":"section","heading":"Corporation represents the Crown","content":"### sec.7 Corporation represents the Crown\n\nThe Corporation represents the Crown and, subject to this Act, has and may exercise and claim all the powers, privileges, rights and remedies of the Crown.","sortOrder":8},{"sectionNumber":"sec.7A","sectionType":"section","heading":"Excluded matter for Corporations legislation","content":"### sec.7A Excluded matter for Corporations legislation\n\nThe Corporation is declared to be an excluded matter for the Corporations Act , section 5F , in relation to the whole of the Corporations legislation.\ns 7A ins 2001 No. 45 s 29 sch 3","sortOrder":9},{"sectionNumber":"sec.8","sectionType":"section","heading":"Legal capacities of Corporation","content":"### sec.8 Legal capacities of Corporation\n\nThe Corporation shall be capable in law of—\nsuing and being sued; and\ncompounding or proving in a court of competent jurisdiction all debts and sums of money due to it; and\ntaking, acquiring, holding, letting, leasing, dealing with and disposing of real and personal property; and\ndoing and suffering all such acts and things as bodies corporate may in law do and suffer or as are prescribed by this Act.\n- (a) suing and being sued; and\n- (b) compounding or proving in a court of competent jurisdiction all debts and sums of money due to it; and\n- (c) taking, acquiring, holding, letting, leasing, dealing with and disposing of real and personal property; and\n- (d) doing and suffering all such acts and things as bodies corporate may in law do and suffer or as are prescribed by this Act.","sortOrder":10},{"sectionNumber":"sec.9","sectionType":"section","heading":"Custody of official seal of Corporation","content":"### sec.9 Custody of official seal of Corporation\n\nThe official seal of the Corporation shall be in the custody of the chief executive and may be affixed by the chief executive or by any other person authorised in that behalf by the Corporation.\nAn authorisation for the purposes of subsection (1) shall be in writing under the official seal of the Corporation.\n(sec.9-ssec.1) The official seal of the Corporation shall be in the custody of the chief executive and may be affixed by the chief executive or by any other person authorised in that behalf by the Corporation.\n(sec.9-ssec.2) An authorisation for the purposes of subsection (1) shall be in writing under the official seal of the Corporation.","sortOrder":11},{"sectionNumber":"sec.10","sectionType":"section","heading":"Appointment of advisory boards","content":"### sec.10 Appointment of advisory boards\n\nThe Corporation may from time to time, with the prior approval of the Governor in Council, establish advisory boards to perform such powers, authorities, functions and duties as may be prescribed.\nAn advisory board established under subsection (1) shall comprise such persons as may be appointed from time to time by the Governor in Council, on such terms and conditions as may be imposed by the Governor in Council.\nThe Corporation may at any time, with the prior approval of the Governor in Council, abolish any advisory board and thereupon the appointment of every member of that advisory board shall be revoked.\ns 10 amd 1995 No. 58 s 4 sch 1\n(sec.10-ssec.1) The Corporation may from time to time, with the prior approval of the Governor in Council, establish advisory boards to perform such powers, authorities, functions and duties as may be prescribed.\n(sec.10-ssec.2) An advisory board established under subsection (1) shall comprise such persons as may be appointed from time to time by the Governor in Council, on such terms and conditions as may be imposed by the Governor in Council.\n(sec.10-ssec.3) The Corporation may at any time, with the prior approval of the Governor in Council, abolish any advisory board and thereupon the appointment of every member of that advisory board shall be revoked.","sortOrder":12},{"sectionNumber":"sec.11","sectionType":"section","heading":"Appointment of officers and employees","content":"### sec.11 Appointment of officers and employees\n\nThe Corporation may appoint such and so many officers and employees as it thinks necessary for the effectual administration of the Corporation.\nAppointment of officers and employees under subsection (1) may be made in accordance with the Public Sector Act 2022 .\ns 11 amd 1995 No. 58 s 4 sch 1 ; 1996 No. 37 s 147 sch 2 ; 2009 No. 25 s 83 sch ; 2022 No. 34 s 365 sch 3\n(sec.11-ssec.1) The Corporation may appoint such and so many officers and employees as it thinks necessary for the effectual administration of the Corporation.\n(sec.11-ssec.2) Appointment of officers and employees under subsection (1) may be made in accordance with the Public Sector Act 2022 .","sortOrder":13},{"sectionNumber":"sec.12","sectionType":"section","heading":"Assignment of officers and employees to Corporation","content":"### sec.12 Assignment of officers and employees to Corporation\n\nThe chief executive may designate and assign such officers and employees of the department to perform such duties as in the opinion of the Corporation are required for the exercise and performance of the powers, functions, duties and obligations of the Corporation.\nA person who is required to perform duties on behalf of the Corporation under subsection (1) may perform those duties in conjunction with any other duties the person is required to perform by reason of the person being an officer or employee of the department.\ns 12 amd 1994 No. 31 s 2 sch 1 ; 1995 No. 58 s 4 sch 1\n(sec.12-ssec.1) The chief executive may designate and assign such officers and employees of the department to perform such duties as in the opinion of the Corporation are required for the exercise and performance of the powers, functions, duties and obligations of the Corporation.\n(sec.12-ssec.2) A person who is required to perform duties on behalf of the Corporation under subsection (1) may perform those duties in conjunction with any other duties the person is required to perform by reason of the person being an officer or employee of the department.","sortOrder":14},{"sectionNumber":"sec.13","sectionType":"section","heading":"Secondment of staff","content":"### sec.13 Secondment of staff\n\nThe Corporation may with the approval of the Governor in Council second the officers and employees of any statutory body for the purpose of carrying into effect and implementing the terms of any financial arrangement or other arrangement entered into or to be entered into by the Corporation and such secondment shall have effect in accordance with its terms notwithstanding any other Act.\ns 13 amd 1995 No. 58 s 4 sch 1","sortOrder":15},{"sectionNumber":"sec.14","sectionType":"section","heading":"Delegation","content":"### sec.14 Delegation\n\nThe Corporation may delegate its powers, including this power of delegation, to—\nan advisory board, or a member of an advisory board, mentioned in section 10 ; or\nan officer or employee of the Corporation; or\nan officer or employee of the department who is assigned under section 12 ; or\nan officer or employee of a statutory body who is assigned under section 13 .\nIf the Corporation enters into financial or other arrangements under this Act, it may delegate its powers for and incidental to the financial or other arrangements to anyone.\nA delegation under subsection (2) may state that, to the extent stated, the delegation is irrevocable despite any Act or rule of law.\nA delegation under this section may state—\nthat the Corporation will not exercise the delegated powers while the delegation is in force; and\nthat the Corporation will not supervise the delegate in the delegate’s carrying out the delegation.\nFor applying section 27A of the Acts Interpretation Act 1954 to a delegation under subsection (2) , power has the same meaning in the section as it has in the subsection.\nIn subsection (2) —\npowers includes rights, exemptions and remedies.\ns 14 sub 1994 No. 31 s 2 sch 1\n(sec.14-ssec.1) The Corporation may delegate its powers, including this power of delegation, to— an advisory board, or a member of an advisory board, mentioned in section 10 ; or an officer or employee of the Corporation; or an officer or employee of the department who is assigned under section 12 ; or an officer or employee of a statutory body who is assigned under section 13 .\n(sec.14-ssec.2) If the Corporation enters into financial or other arrangements under this Act, it may delegate its powers for and incidental to the financial or other arrangements to anyone.\n(sec.14-ssec.3) A delegation under subsection (2) may state that, to the extent stated, the delegation is irrevocable despite any Act or rule of law.\n(sec.14-ssec.4) A delegation under this section may state— that the Corporation will not exercise the delegated powers while the delegation is in force; and that the Corporation will not supervise the delegate in the delegate’s carrying out the delegation.\n(sec.14-ssec.5) For applying section 27A of the Acts Interpretation Act 1954 to a delegation under subsection (2) , power has the same meaning in the section as it has in the subsection.\n(sec.14-ssec.6) In subsection (2) — powers includes rights, exemptions and remedies.\n- (a) an advisory board, or a member of an advisory board, mentioned in section 10 ; or\n- (b) an officer or employee of the Corporation; or\n- (c) an officer or employee of the department who is assigned under section 12 ; or\n- (d) an officer or employee of a statutory body who is assigned under section 13 .\n- (a) that the Corporation will not exercise the delegated powers while the delegation is in force; and\n- (b) that the Corporation will not supervise the delegate in the delegate’s carrying out the delegation.","sortOrder":16},{"sectionNumber":"sec.15","sectionType":"section","heading":"Profits and losses of Corporation","content":"### sec.15 Profits and losses of Corporation\n\nExcept to the extent that it is otherwise provided by the Governor in Council, all profits made by the Corporation shall accrue to the benefit of the consolidated fund and any losses of the Corporation shall be the responsibility of the consolidated fund.","sortOrder":17},{"sectionNumber":"pt.3","sectionType":"part","heading":"Objectives, functions and powers of the Corporation","content":"# Objectives, functions and powers of the Corporation","sortOrder":18},{"sectionNumber":"pt.3-div.1","sectionType":"division","heading":"Objectives of the Corporation","content":"## Objectives of the Corporation","sortOrder":19},{"sectionNumber":"sec.16","sectionType":"section","heading":"Objectives of Corporation","content":"### sec.16 Objectives of Corporation\n\nThe objectives of the Corporation shall be—\nto act as a financial institution for the benefit of and the provision of financial resources and services to statutory bodies and the State; and\nto enhance the financial position of the Corporation, other statutory bodies and the State; and\nto enter into and perform financial and other arrangements that in the opinion of the Corporation have as their objective either—\nthe advancement of the financial interests of the State; or\nthe development of the State or any part thereof; or\nthe benefit of persons or classes of persons resident in or having or likely to have an association with Queensland.\n- (a) to act as a financial institution for the benefit of and the provision of financial resources and services to statutory bodies and the State; and\n- (b) to enhance the financial position of the Corporation, other statutory bodies and the State; and\n- (c) to enter into and perform financial and other arrangements that in the opinion of the Corporation have as their objective either— (i) the advancement of the financial interests of the State; or (ii) the development of the State or any part thereof; or (iii) the benefit of persons or classes of persons resident in or having or likely to have an association with Queensland.\n- (i) the advancement of the financial interests of the State; or\n- (ii) the development of the State or any part thereof; or\n- (iii) the benefit of persons or classes of persons resident in or having or likely to have an association with Queensland.\n- (i) the advancement of the financial interests of the State; or\n- (ii) the development of the State or any part thereof; or\n- (iii) the benefit of persons or classes of persons resident in or having or likely to have an association with Queensland.","sortOrder":20},{"sectionNumber":"pt.3-div.2","sectionType":"division","heading":"Functions and various powers of the Corporation","content":"## Functions and various powers of the Corporation","sortOrder":21},{"sectionNumber":"sec.17","sectionType":"section","heading":"Functions of Corporation","content":"### sec.17 Functions of Corporation\n\nIn pursuit of the Corporation’s objectives, the functions of the Corporation shall be—\nto borrow, raise or otherwise obtain financial accommodation in Australia or elsewhere for itself, statutory bodies or other persons; and\nto advance money or otherwise make financial accommodation available; and\nto act as a central borrowing and capital raising authority for the statutory bodies of the State; and\nto act as agent for statutory bodies in negotiating, entering into and performing financial arrangements; and\nto provide a medium for the investment of funds of the Treasurer, statutory bodies or other persons; and\nto manage or cause to be managed the Corporation’s financial rights and obligations; and\nto undertake such other activities as the Governor in Council may from time to time direct.\n- (a) to borrow, raise or otherwise obtain financial accommodation in Australia or elsewhere for itself, statutory bodies or other persons; and\n- (b) to advance money or otherwise make financial accommodation available; and\n- (c) to act as a central borrowing and capital raising authority for the statutory bodies of the State; and\n- (d) to act as agent for statutory bodies in negotiating, entering into and performing financial arrangements; and\n- (e) to provide a medium for the investment of funds of the Treasurer, statutory bodies or other persons; and\n- (f) to manage or cause to be managed the Corporation’s financial rights and obligations; and\n- (g) to undertake such other activities as the Governor in Council may from time to time direct.","sortOrder":22},{"sectionNumber":"sec.18","sectionType":"section","heading":"Borrowing powers of Corporation","content":"### sec.18 Borrowing powers of Corporation\n\nSubject to subsection (3) , the Corporation, in the attainment of its objectives and the discharge of its functions under this Act, has the power, either alone or jointly with, or jointly and severally with any statutory body or other person, to borrow or raise money or enter into any other financial arrangements either in Queensland or elsewhere as a borrower or as a party in the nature of a borrower or as an acquirer of financial accommodation, as it thinks fit.\nFinancial arrangements entered into in accordance with subsection (1) may be made—\nwith the Treasurer; or\nwith statutory bodies; or\nwith other persons.\nThe Governor in Council may at any time prior to the Corporation’s entering into a financial arrangement under this section impose limits on or determine conditions for that financial arrangement and the Corporation shall comply with such limits or conditions.\nA failure by the Corporation to comply with subsection (3) shall not invalidate the relevant financial arrangement which shall be enforceable by all the parties thereto in accordance with its terms.\ns 18 amd 1995 No. 58 s 4 sch 1\n(sec.18-ssec.1) Subject to subsection (3) , the Corporation, in the attainment of its objectives and the discharge of its functions under this Act, has the power, either alone or jointly with, or jointly and severally with any statutory body or other person, to borrow or raise money or enter into any other financial arrangements either in Queensland or elsewhere as a borrower or as a party in the nature of a borrower or as an acquirer of financial accommodation, as it thinks fit.\n(sec.18-ssec.2) Financial arrangements entered into in accordance with subsection (1) may be made— with the Treasurer; or with statutory bodies; or with other persons.\n(sec.18-ssec.3) The Governor in Council may at any time prior to the Corporation’s entering into a financial arrangement under this section impose limits on or determine conditions for that financial arrangement and the Corporation shall comply with such limits or conditions.\n(sec.18-ssec.4) A failure by the Corporation to comply with subsection (3) shall not invalidate the relevant financial arrangement which shall be enforceable by all the parties thereto in accordance with its terms.\n- (a) with the Treasurer; or\n- (b) with statutory bodies; or\n- (c) with other persons.","sortOrder":23},{"sectionNumber":"sec.19","sectionType":"section","heading":"Lending powers of Corporation","content":"### sec.19 Lending powers of Corporation\n\nSubject to subsection (3) , the Corporation, in the attainment of its objectives and the discharge of its functions under this Act, has the power to make loans or advances or enter into any other financial arrangements either in Queensland or elsewhere as a lender or as a party in the nature of a lender or as the provider of financial accommodation, as it thinks fit.\nSuch financial arrangements may be—\nwith or without security; and\nat such rate of interest (if any) and for the payment of such other consideration (if any) as the Corporation thinks fit; and\non such terms as to repayment and otherwise as the Corporation thinks fit.\nFinancial arrangements made in accordance with subsection (1) may be made—\nwith the Treasurer; or\nwith statutory bodies; or\nwith other persons.\nThe Governor in Council may at any time prior to the Corporation’s entering into a financial arrangement under this section impose limits on or determine conditions for that financial arrangement and the Corporation shall comply with such limits or conditions.\nA failure by the Corporation to comply with subsection (3) shall not invalidate the relevant financial arrangement which shall be enforceable by all the parties thereto in accordance with its terms.\nUnless an Act specifies that this subsection (5) shall not apply, then notwithstanding any requirement of that Act, when the Corporation enters into a financial arrangement with a statutory body under this section it shall not be necessary for that statutory body to obtain the approval of the Governor in Council.\ns 19 amd 1995 No. 58 s 4 sch 1\n(sec.19-ssec.1) Subject to subsection (3) , the Corporation, in the attainment of its objectives and the discharge of its functions under this Act, has the power to make loans or advances or enter into any other financial arrangements either in Queensland or elsewhere as a lender or as a party in the nature of a lender or as the provider of financial accommodation, as it thinks fit.\n(sec.19-ssec.1A) Such financial arrangements may be— with or without security; and at such rate of interest (if any) and for the payment of such other consideration (if any) as the Corporation thinks fit; and on such terms as to repayment and otherwise as the Corporation thinks fit.\n(sec.19-ssec.2) Financial arrangements made in accordance with subsection (1) may be made— with the Treasurer; or with statutory bodies; or with other persons.\n(sec.19-ssec.3) The Governor in Council may at any time prior to the Corporation’s entering into a financial arrangement under this section impose limits on or determine conditions for that financial arrangement and the Corporation shall comply with such limits or conditions.\n(sec.19-ssec.4) A failure by the Corporation to comply with subsection (3) shall not invalidate the relevant financial arrangement which shall be enforceable by all the parties thereto in accordance with its terms.\n(sec.19-ssec.5) Unless an Act specifies that this subsection (5) shall not apply, then notwithstanding any requirement of that Act, when the Corporation enters into a financial arrangement with a statutory body under this section it shall not be necessary for that statutory body to obtain the approval of the Governor in Council.\n- (a) with or without security; and\n- (b) at such rate of interest (if any) and for the payment of such other consideration (if any) as the Corporation thinks fit; and\n- (c) on such terms as to repayment and otherwise as the Corporation thinks fit.\n- (a) with the Treasurer; or\n- (b) with statutory bodies; or\n- (c) with other persons.","sortOrder":24},{"sectionNumber":"sec.19A","sectionType":"section","heading":null,"content":"### Section sec.19A\n\ns 19A ins 1994 No. 31 s 4\nom 2013 No. 39 s 25","sortOrder":25},{"sectionNumber":"sec.19AA","sectionType":"section","heading":"Special provisions for certain loans by Corporation","content":"### sec.19AA Special provisions for certain loans by Corporation\n\nFinancial accommodation may be provided by the Corporation to a statutory body (the debt assumption arrangement ) by way of the Corporation taking over the body’s payment or repayment obligations for a financial arrangement entered into by the body with another person under the Statutory Bodies Financial Arrangements Act 1982 or another Act.\nA document for the debt assumption arrangement may provide—\nthe body must transfer funds held by it to the Corporation; or\na person holding funds for the body must transfer the funds to the Corporation.\nWithin 14 days of the Corporation giving written notice to the body or a person requiring the transfer of funds under the debt assumption arrangement, the body or person must transfer the funds to the Corporation.\nThe Corporation may hold the funds for any use or purpose the Corporation considers fit and any of the following limitations or requirements cease to apply to the funds—\na limitation on the use or purpose of the funds;\na requirement that the funds must be used for a particular purpose;\na requirement for a sinking fund to be kept or the body to make contributions to a sinking fund.\nThis section applies despite an Act, subordinate legislation, debenture, prospectus or other document.\nIn this section—\nfunds means amounts in a sinking fund.\nsinking fund means a fund, established and held by or for a statutory body, for servicing the body’s payment or repayment obligations under a financial arrangement.\ns 19AA ins 1996 No. 54 s 9 sch\n(sec.19AA-ssec.1) Financial accommodation may be provided by the Corporation to a statutory body (the debt assumption arrangement ) by way of the Corporation taking over the body’s payment or repayment obligations for a financial arrangement entered into by the body with another person under the Statutory Bodies Financial Arrangements Act 1982 or another Act.\n(sec.19AA-ssec.2) A document for the debt assumption arrangement may provide— the body must transfer funds held by it to the Corporation; or a person holding funds for the body must transfer the funds to the Corporation.\n(sec.19AA-ssec.3) Within 14 days of the Corporation giving written notice to the body or a person requiring the transfer of funds under the debt assumption arrangement, the body or person must transfer the funds to the Corporation.\n(sec.19AA-ssec.4) The Corporation may hold the funds for any use or purpose the Corporation considers fit and any of the following limitations or requirements cease to apply to the funds— a limitation on the use or purpose of the funds; a requirement that the funds must be used for a particular purpose; a requirement for a sinking fund to be kept or the body to make contributions to a sinking fund.\n(sec.19AA-ssec.5) This section applies despite an Act, subordinate legislation, debenture, prospectus or other document.\n(sec.19AA-ssec.6) In this section— funds means amounts in a sinking fund. sinking fund means a fund, established and held by or for a statutory body, for servicing the body’s payment or repayment obligations under a financial arrangement.\n- (a) the body must transfer funds held by it to the Corporation; or\n- (b) a person holding funds for the body must transfer the funds to the Corporation.\n- (a) a limitation on the use or purpose of the funds;\n- (b) a requirement that the funds must be used for a particular purpose;\n- (c) a requirement for a sinking fund to be kept or the body to make contributions to a sinking fund.","sortOrder":26},{"sectionNumber":"sec.19AAA","sectionType":"section","heading":null,"content":"### Section sec.19AAA\n\ns 19AAA ins 2000 No. 49 s 8\nsub 2001 No. 98 s 21\namd 2009 No. 17 s 331 sch 1\nom 2013 No. 39 s 25","sortOrder":27},{"sectionNumber":"sec.19B","sectionType":"section","heading":null,"content":"### Section sec.19B\n\ns 19B ins 1994 No. 31 s 4\nom 2013 No. 39 s 25","sortOrder":28},{"sectionNumber":"sec.19C","sectionType":"section","heading":null,"content":"### Section sec.19C\n\ns 19C ins 1994 No. 31 s 4\nom 2013 No. 39 s 25","sortOrder":29},{"sectionNumber":"sec.19D","sectionType":"section","heading":null,"content":"### Section sec.19D\n\ns 19D ins 1994 No. 31 s 4\nom 2013 No. 39 s 25","sortOrder":30},{"sectionNumber":"pt.3-div.3","sectionType":"division","heading":"Power of the Corporation to invest and enter into other financial arrangements and other powers generally","content":"## Power of the Corporation to invest and enter into other financial arrangements and other powers generally","sortOrder":31},{"sectionNumber":"sec.20","sectionType":"section","heading":"Investment powers of Corporation","content":"### sec.20 Investment powers of Corporation\n\nSubject to subsections (2) and (3) , the Corporation in the attainment of its objectives and the discharge of its functions under this Act, has the power by way of investment, on its own behalf or on behalf of any other person, either by itself or by any person authorised by it to—\npurchase, acquire, take on lease, hire, sell, improve, subdivide, amalgamate, dispose of, exchange, lease, let, mortgage, charge, encumber, grant licences and other rights in connection with, and otherwise deal in any way with, real or personal property of any kind whatsoever and wheresoever situated and any interest therein, on such terms as the Corporation thinks fit; and\ndeposit money with any financial institution, authorised dealer in the short-term money market with lines of credit with the Reserve Bank of Australia or a lender of last resort, or other financial entity or other person whatsoever; and\ncarry on any business, enterprise or undertaking whatsoever; and\ninvest moneys in investments of any kind whatsoever, whether secured or unsecured, including capital market investments, debentures, securities or other obligations of governments, government authorities and corporations, shares, stock, notes, certificates, provident funds, bonds, units or other interests in trusts, options, futures, currency transactions, secondary mortgage securities, mortgages over real or personal property and bills of exchange; and\ntrade in any commodities; and\nconstruct, demolish, improve, maintain, develop, restore, work, manage, carry out, control or otherwise deal with any buildings, fixtures, works, roads, bridges, ways, services, earthworks, infrastructure or any other structure or improvement whatsoever or to assist in any of the foregoing; and\nenter into partnership or any arrangement for sharing of profits, union of interest, cooperation, joint venture, reciprocal concession or otherwise with any statutory body or other person in any undertaking, business, transaction or other investment, or act as a principal, agent, contractor, trustee or beneficiary in respect of any such undertaking, business, transaction or investment; and\ninvest in such other investments, activities or undertakings as the Corporation thinks fit.\nThe Governor in Council may at any time prior to the Corporation’s entering into an investment under this section impose limits on or determine conditions for that investment and the Corporation shall comply with such limits or conditions.\nWhen the Corporation invests funds on behalf of any statutory body or person, it shall invest those funds in accordance with any directions or guidelines given to it by the statutory body or person, but if no such direction or guideline is given, then as the Corporation thinks fit.\nA failure by the Corporation to comply with subsections (2) and (3) shall not invalidate the relevant investment which shall be enforceable by all the parties thereto in accordance with its terms.\ns 20 amd 1995 No. 58 s 4 sch 1 ; 1997 No. 17 s 46\n(sec.20-ssec.1) Subject to subsections (2) and (3) , the Corporation in the attainment of its objectives and the discharge of its functions under this Act, has the power by way of investment, on its own behalf or on behalf of any other person, either by itself or by any person authorised by it to— purchase, acquire, take on lease, hire, sell, improve, subdivide, amalgamate, dispose of, exchange, lease, let, mortgage, charge, encumber, grant licences and other rights in connection with, and otherwise deal in any way with, real or personal property of any kind whatsoever and wheresoever situated and any interest therein, on such terms as the Corporation thinks fit; and deposit money with any financial institution, authorised dealer in the short-term money market with lines of credit with the Reserve Bank of Australia or a lender of last resort, or other financial entity or other person whatsoever; and carry on any business, enterprise or undertaking whatsoever; and invest moneys in investments of any kind whatsoever, whether secured or unsecured, including capital market investments, debentures, securities or other obligations of governments, government authorities and corporations, shares, stock, notes, certificates, provident funds, bonds, units or other interests in trusts, options, futures, currency transactions, secondary mortgage securities, mortgages over real or personal property and bills of exchange; and trade in any commodities; and construct, demolish, improve, maintain, develop, restore, work, manage, carry out, control or otherwise deal with any buildings, fixtures, works, roads, bridges, ways, services, earthworks, infrastructure or any other structure or improvement whatsoever or to assist in any of the foregoing; and enter into partnership or any arrangement for sharing of profits, union of interest, cooperation, joint venture, reciprocal concession or otherwise with any statutory body or other person in any undertaking, business, transaction or other investment, or act as a principal, agent, contractor, trustee or beneficiary in respect of any such undertaking, business, transaction or investment; and invest in such other investments, activities or undertakings as the Corporation thinks fit.\n(sec.20-ssec.2) The Governor in Council may at any time prior to the Corporation’s entering into an investment under this section impose limits on or determine conditions for that investment and the Corporation shall comply with such limits or conditions.\n(sec.20-ssec.3) When the Corporation invests funds on behalf of any statutory body or person, it shall invest those funds in accordance with any directions or guidelines given to it by the statutory body or person, but if no such direction or guideline is given, then as the Corporation thinks fit.\n(sec.20-ssec.4) A failure by the Corporation to comply with subsections (2) and (3) shall not invalidate the relevant investment which shall be enforceable by all the parties thereto in accordance with its terms.\n- (a) purchase, acquire, take on lease, hire, sell, improve, subdivide, amalgamate, dispose of, exchange, lease, let, mortgage, charge, encumber, grant licences and other rights in connection with, and otherwise deal in any way with, real or personal property of any kind whatsoever and wheresoever situated and any interest therein, on such terms as the Corporation thinks fit; and\n- (b) deposit money with any financial institution, authorised dealer in the short-term money market with lines of credit with the Reserve Bank of Australia or a lender of last resort, or other financial entity or other person whatsoever; and\n- (c) carry on any business, enterprise or undertaking whatsoever; and\n- (d) invest moneys in investments of any kind whatsoever, whether secured or unsecured, including capital market investments, debentures, securities or other obligations of governments, government authorities and corporations, shares, stock, notes, certificates, provident funds, bonds, units or other interests in trusts, options, futures, currency transactions, secondary mortgage securities, mortgages over real or personal property and bills of exchange; and\n- (e) trade in any commodities; and\n- (f) construct, demolish, improve, maintain, develop, restore, work, manage, carry out, control or otherwise deal with any buildings, fixtures, works, roads, bridges, ways, services, earthworks, infrastructure or any other structure or improvement whatsoever or to assist in any of the foregoing; and\n- (g) enter into partnership or any arrangement for sharing of profits, union of interest, cooperation, joint venture, reciprocal concession or otherwise with any statutory body or other person in any undertaking, business, transaction or other investment, or act as a principal, agent, contractor, trustee or beneficiary in respect of any such undertaking, business, transaction or investment; and\n- (h) invest in such other investments, activities or undertakings as the Corporation thinks fit.","sortOrder":32},{"sectionNumber":"sec.21","sectionType":"section","heading":"Power of Corporation to enter into other financial arrangements","content":"### sec.21 Power of Corporation to enter into other financial arrangements\n\nSubject to subsection (3) , the Corporation, in the attainment of its objectives and the discharge of its functions under this Act, has the power to enter into any financial arrangement other than as provided for in sections 18 , 19 and 20 .\nFinancial arrangements entered into in accordance with subsection (1) may be made—\nwith the Treasurer; or\nwith statutory bodies; or\nwith other persons.\nThe Governor in Council may at any time prior to the Corporation’s entering into a financial arrangement under this section impose limits on or determine conditions for that financial arrangement and the Corporation shall comply with such limits or conditions.\nA failure by the Corporation to comply with subsection (3) shall not invalidate the relevant financial arrangement which shall be enforceable by all the parties thereto in accordance with its terms.\ns 21 amd 1995 No. 58 s 4 sch 1\n(sec.21-ssec.1) Subject to subsection (3) , the Corporation, in the attainment of its objectives and the discharge of its functions under this Act, has the power to enter into any financial arrangement other than as provided for in sections 18 , 19 and 20 .\n(sec.21-ssec.2) Financial arrangements entered into in accordance with subsection (1) may be made— with the Treasurer; or with statutory bodies; or with other persons.\n(sec.21-ssec.3) The Governor in Council may at any time prior to the Corporation’s entering into a financial arrangement under this section impose limits on or determine conditions for that financial arrangement and the Corporation shall comply with such limits or conditions.\n(sec.21-ssec.4) A failure by the Corporation to comply with subsection (3) shall not invalidate the relevant financial arrangement which shall be enforceable by all the parties thereto in accordance with its terms.\n- (a) with the Treasurer; or\n- (b) with statutory bodies; or\n- (c) with other persons.","sortOrder":33},{"sectionNumber":"sec.22","sectionType":"section","heading":"Other powers of Corporation","content":"### sec.22 Other powers of Corporation\n\nIn addition to and without derogating from any other power conferred on the Corporation by this Act, the Corporation, either by itself or by persons authorised by it may do all things necessary or convenient to be done for or in connection with the attainment of its objectives and the discharge of its functions.\nWithout limiting the generality of subsection (1) the powers of the Corporation referred to in that subsection include the following powers—\nto promote, incorporate or form any company, joint venture, partnership, association (corporate or unincorporated) or trust for any purpose which the Corporation considers may directly or indirectly benefit the Corporation;\nto engage such agents and contractors as the Corporation sees fit to attain its objectives, discharge its functions and exercise its powers;\nto enter into any contracts, covenants, undertakings, arrangements, promises, guarantees and indemnities to meet obligations or liabilities incurred or to be incurred by or to any person, whether or not the person is a party to the contracts, covenants, undertakings, arrangements, promises, guarantees and indemnities;\nfor its own use, acquire, hold, deal with and dispose of—\nshares in any body corporate, company debentures, bonds, stock and other securities; and\nreal and personal property and any interest therein;\nfor its own use, grant or take leases of any term whatsoever of land, buildings, plant, machinery, equipment and any other property as lessee, lessor, owner or tenant;\nto accept money on deposit;\nto enter into and perform deferred payment arrangements as debtor or creditor;\nto maintain an account or accounts with any financial institution whether in Australia or elsewhere;\nfor its own use, enter into purchase obligations as purchaser, or sale obligations as seller, to purchase or sell, as the case may be, any output or other product or service of any kind whatsoever;\nadopt such means of making known or advertising the activities of the Corporation as the Corporation thinks fit;\ndo all such other things as are incidental or conducive to the exercise of the functions of the Corporation;\nundertake any other transaction or activity authorised from time to time by the Governor in Council either generally or in a particular case.\ns 22 amd 1997 No. 17 s 47\n(sec.22-ssec.1) In addition to and without derogating from any other power conferred on the Corporation by this Act, the Corporation, either by itself or by persons authorised by it may do all things necessary or convenient to be done for or in connection with the attainment of its objectives and the discharge of its functions.\n(sec.22-ssec.2) Without limiting the generality of subsection (1) the powers of the Corporation referred to in that subsection include the following powers— to promote, incorporate or form any company, joint venture, partnership, association (corporate or unincorporated) or trust for any purpose which the Corporation considers may directly or indirectly benefit the Corporation; to engage such agents and contractors as the Corporation sees fit to attain its objectives, discharge its functions and exercise its powers; to enter into any contracts, covenants, undertakings, arrangements, promises, guarantees and indemnities to meet obligations or liabilities incurred or to be incurred by or to any person, whether or not the person is a party to the contracts, covenants, undertakings, arrangements, promises, guarantees and indemnities; for its own use, acquire, hold, deal with and dispose of— shares in any body corporate, company debentures, bonds, stock and other securities; and real and personal property and any interest therein; for its own use, grant or take leases of any term whatsoever of land, buildings, plant, machinery, equipment and any other property as lessee, lessor, owner or tenant; to accept money on deposit; to enter into and perform deferred payment arrangements as debtor or creditor; to maintain an account or accounts with any financial institution whether in Australia or elsewhere; for its own use, enter into purchase obligations as purchaser, or sale obligations as seller, to purchase or sell, as the case may be, any output or other product or service of any kind whatsoever; adopt such means of making known or advertising the activities of the Corporation as the Corporation thinks fit; do all such other things as are incidental or conducive to the exercise of the functions of the Corporation; undertake any other transaction or activity authorised from time to time by the Governor in Council either generally or in a particular case.\n- (a) to promote, incorporate or form any company, joint venture, partnership, association (corporate or unincorporated) or trust for any purpose which the Corporation considers may directly or indirectly benefit the Corporation;\n- (b) to engage such agents and contractors as the Corporation sees fit to attain its objectives, discharge its functions and exercise its powers;\n- (c) to enter into any contracts, covenants, undertakings, arrangements, promises, guarantees and indemnities to meet obligations or liabilities incurred or to be incurred by or to any person, whether or not the person is a party to the contracts, covenants, undertakings, arrangements, promises, guarantees and indemnities;\n- (d) for its own use, acquire, hold, deal with and dispose of— (i) shares in any body corporate, company debentures, bonds, stock and other securities; and (ii) real and personal property and any interest therein;\n- (i) shares in any body corporate, company debentures, bonds, stock and other securities; and\n- (ii) real and personal property and any interest therein;\n- (e) for its own use, grant or take leases of any term whatsoever of land, buildings, plant, machinery, equipment and any other property as lessee, lessor, owner or tenant;\n- (f) to accept money on deposit;\n- (g) to enter into and perform deferred payment arrangements as debtor or creditor;\n- (h) to maintain an account or accounts with any financial institution whether in Australia or elsewhere;\n- (i) for its own use, enter into purchase obligations as purchaser, or sale obligations as seller, to purchase or sell, as the case may be, any output or other product or service of any kind whatsoever;\n- (j) adopt such means of making known or advertising the activities of the Corporation as the Corporation thinks fit;\n- (k) do all such other things as are incidental or conducive to the exercise of the functions of the Corporation;\n- (l) undertake any other transaction or activity authorised from time to time by the Governor in Council either generally or in a particular case.\n- (i) shares in any body corporate, company debentures, bonds, stock and other securities; and\n- (ii) real and personal property and any interest therein;","sortOrder":34},{"sectionNumber":"pt.4","sectionType":"part","heading":"Financial provisions and guarantees","content":"# Financial provisions and guarantees","sortOrder":35},{"sectionNumber":"sec.23","sectionType":"section","heading":"Carrying out of financial arrangements and other arrangements","content":"### sec.23 Carrying out of financial arrangements and other arrangements\n\nThe Corporation may charge any persons under financial arrangements or other arrangements undertaken for their benefit or on their behalf and may, on its own account or for their benefit or on their behalf pay for the purchase of any output or other product resulting as a consequence of or in connection with the entering into of any such arrangements.\nThe Corporation may empower an affiliate to enter, as principal, into any transaction or arrangement related to financial arrangements or other arrangements in the same way as the Corporation itself may have done.\nFor the purpose of performing financial arrangements or other arrangements entered into by it the Corporation may, for the purpose to which the financial arrangements or other arrangements are directed, take land within the meaning of the Acquisition of Land Act 1967 or an easement in respect of land within the meaning of that Act.\nAny such taking shall be under and subject to the Acquisition of Land Act 1967 and the purpose of such taking shall be deemed to be a purpose specified in the schedule of that Act which the Corporation, as a constructing authority within the meaning of that Act, may lawfully carry out.\nFor the purpose for which the Corporation is authorised by subsection (3) to take land the Corporation may—\nas a constructing authority within the meaning of the Acquisition of Land Act 1967 , request the Governor in Council to exercise the powers conferred on the Governor in Council by section 5 (3) of that Act;\nrequest the Governor in Council to resume on its behalf land held from the Crown for an estate or interest less than fee simple, not being a lease, licence or permit within the meaning of the Land Act 1994 , or an easement in respect of such land under and subject to the Act under which such land is held from the Crown.\nIf the Act referred to in subsection (5) (b) does not provide for resumption of land held under it or of an easement in respect of such land, the Land Act 1994 , chapter 5 , part 3 applies as if the land were a lease, licence or permit within the meaning of that Act and, if those provisions are considered by the Governor in Council to be inadequate for the purpose, additional or other provisions may be prescribed by regulation for such resumption and matters connected therewith and the provisions so prescribed shall apply according to their tenor.\nWhere the Governor in Council resumes land under a request referred to in subsection (5) the Governor in Council may grant the land to the Corporation for an estate in fee simple under the Land Act 1994 subject to such reservations, trusts, terms and conditions as the Governor in Council thinks fit.\nThe Corporation, an affiliate and each other party to financial arrangements or other arrangements may do all things authorised or required by the financial arrangements or other arrangements to be done by them respectively and all things incidental thereto and may also do such things as are necessary or convenient to be done for the purposes of carrying into effect and implementing the terms of any financial arrangement or other arrangement.\ns 23 amd 1994 No. 31 s 2 sch 1 ; 1995 No. 58 s 4 sch 1 ; 2003 No. 19 s 3 sch\n(sec.23-ssec.1) The Corporation may charge any persons under financial arrangements or other arrangements undertaken for their benefit or on their behalf and may, on its own account or for their benefit or on their behalf pay for the purchase of any output or other product resulting as a consequence of or in connection with the entering into of any such arrangements.\n(sec.23-ssec.2) The Corporation may empower an affiliate to enter, as principal, into any transaction or arrangement related to financial arrangements or other arrangements in the same way as the Corporation itself may have done.\n(sec.23-ssec.3) For the purpose of performing financial arrangements or other arrangements entered into by it the Corporation may, for the purpose to which the financial arrangements or other arrangements are directed, take land within the meaning of the Acquisition of Land Act 1967 or an easement in respect of land within the meaning of that Act.\n(sec.23-ssec.4) Any such taking shall be under and subject to the Acquisition of Land Act 1967 and the purpose of such taking shall be deemed to be a purpose specified in the schedule of that Act which the Corporation, as a constructing authority within the meaning of that Act, may lawfully carry out.\n(sec.23-ssec.5) For the purpose for which the Corporation is authorised by subsection (3) to take land the Corporation may— as a constructing authority within the meaning of the Acquisition of Land Act 1967 , request the Governor in Council to exercise the powers conferred on the Governor in Council by section 5 (3) of that Act; request the Governor in Council to resume on its behalf land held from the Crown for an estate or interest less than fee simple, not being a lease, licence or permit within the meaning of the Land Act 1994 , or an easement in respect of such land under and subject to the Act under which such land is held from the Crown.\n(sec.23-ssec.6) If the Act referred to in subsection (5) (b) does not provide for resumption of land held under it or of an easement in respect of such land, the Land Act 1994 , chapter 5 , part 3 applies as if the land were a lease, licence or permit within the meaning of that Act and, if those provisions are considered by the Governor in Council to be inadequate for the purpose, additional or other provisions may be prescribed by regulation for such resumption and matters connected therewith and the provisions so prescribed shall apply according to their tenor.\n(sec.23-ssec.7) Where the Governor in Council resumes land under a request referred to in subsection (5) the Governor in Council may grant the land to the Corporation for an estate in fee simple under the Land Act 1994 subject to such reservations, trusts, terms and conditions as the Governor in Council thinks fit.\n(sec.23-ssec.8) The Corporation, an affiliate and each other party to financial arrangements or other arrangements may do all things authorised or required by the financial arrangements or other arrangements to be done by them respectively and all things incidental thereto and may also do such things as are necessary or convenient to be done for the purposes of carrying into effect and implementing the terms of any financial arrangement or other arrangement.\n- (a) as a constructing authority within the meaning of the Acquisition of Land Act 1967 , request the Governor in Council to exercise the powers conferred on the Governor in Council by section 5 (3) of that Act;\n- (b) request the Governor in Council to resume on its behalf land held from the Crown for an estate or interest less than fee simple, not being a lease, licence or permit within the meaning of the Land Act 1994 , or an easement in respect of such land under and subject to the Act under which such land is held from the Crown.","sortOrder":36},{"sectionNumber":"sec.24","sectionType":"section","heading":"Provisions of financial arrangements and other arrangements","content":"### sec.24 Provisions of financial arrangements and other arrangements\n\nFinancial arrangements and other arrangements may contain absolute and unconditional covenants, undertakings, promises, guarantees or indemnities, which may include but are not limited to—\nabsolute and unconditional covenants or promises by the Corporation or an affiliate to pay for, or to make payments calculated by reference to output or other product, or the prospect of obtaining output or other product, whether or not that output or other product is at any relevant time, produced or delivered or capable of being produced or delivered; and\nabsolute and unconditional covenants or promises by the Corporation or an affiliate to purchase, and pay for, any property in the events or circumstances specified in the financial arrangements or other arrangements; and\nabsolute and unconditional covenants or promises by the Corporation or an affiliate to make or procure loans (at interest or otherwise) in the events or circumstances specified in the financial arrangements or other arrangements and failing this to make payments not less than the amount that would have been lent; and\nguarantees and indemnities to secure payment of moneys to a person;\nor any of them.\nA covenant or promise referred to in subsection (1) (a) may contain an obligation to make payment in advance.\nWhere the Corporation or an affiliate, in financial arrangements or other arrangements, makes a covenant or promise or gives an undertaking, guarantee or indemnity to make any payment irrespective of any event or circumstance which otherwise would or might at law terminate, or permit termination of, the arrangements or excuse compliance with, or performance of, or provide a defence to, any proceedings to enforce the covenant, promise, undertaking, guarantee or indemnity, the covenant, promise, undertaking, guarantee or indemnity shall operate and be enforceable in accordance with its terms notwithstanding any Act or rule of law to the contrary.\nFinancial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, may contain a provision that the arrangements shall not be terminated on account of any matter or thing referred to in the arrangements and shall be enforceable notwithstanding any such matter or thing, being or including (without limiting the generality of the foregoing) any default, event of force majeure or other event which would or might at law otherwise terminate, or permit termination of the arrangements or excuse compliance with, or performance of, or provide a defence to, any proceedings to enforce the arrangements, and where any financial arrangements or other arrangements, or related arrangements, so provide the provision—\nshall operate in accordance with its terms so that the arrangements shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the arrangements; and\nshall be enforceable in accordance with its terms;\nnotwithstanding any Act or rule of law to the contrary.\nFinancial arrangements or other arrangements entered into by the Corporation or an affiliate may include an express waiver by the Corporation or affiliate of its immunity (if any) under any Act or rule of law from proceedings, either in whole or in part, and any such waiver shall operate in accordance with its terms notwithstanding any Act or rule of law to the contrary.\nFinancial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, may provide that the ownership of specified buildings, structures or fixtures, product or output of the land shall not vest in the owner of the land on which they are situated and that the buildings, structures, or fixtures, product or output are chattels and not realty and shall be transferable in accordance with the provisions of the arrangements to someone else.\nIf financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, make provision for a matter mentioned in subsection (6) , the provision has effect despite any other law.\nIn this section—\nrelated arrangements means arrangements, entered into by the Corporation, an affiliate or someone else, that give effect to, or are a part of, financial arrangements or other arrangements entered into by the Corporation or an affiliate.\ns 24 amd 2002 No. 56 s 27\n(sec.24-ssec.1) Financial arrangements and other arrangements may contain absolute and unconditional covenants, undertakings, promises, guarantees or indemnities, which may include but are not limited to— absolute and unconditional covenants or promises by the Corporation or an affiliate to pay for, or to make payments calculated by reference to output or other product, or the prospect of obtaining output or other product, whether or not that output or other product is at any relevant time, produced or delivered or capable of being produced or delivered; and absolute and unconditional covenants or promises by the Corporation or an affiliate to purchase, and pay for, any property in the events or circumstances specified in the financial arrangements or other arrangements; and absolute and unconditional covenants or promises by the Corporation or an affiliate to make or procure loans (at interest or otherwise) in the events or circumstances specified in the financial arrangements or other arrangements and failing this to make payments not less than the amount that would have been lent; and guarantees and indemnities to secure payment of moneys to a person; or any of them.\n(sec.24-ssec.2) A covenant or promise referred to in subsection (1) (a) may contain an obligation to make payment in advance.\n(sec.24-ssec.3) Where the Corporation or an affiliate, in financial arrangements or other arrangements, makes a covenant or promise or gives an undertaking, guarantee or indemnity to make any payment irrespective of any event or circumstance which otherwise would or might at law terminate, or permit termination of, the arrangements or excuse compliance with, or performance of, or provide a defence to, any proceedings to enforce the covenant, promise, undertaking, guarantee or indemnity, the covenant, promise, undertaking, guarantee or indemnity shall operate and be enforceable in accordance with its terms notwithstanding any Act or rule of law to the contrary.\n(sec.24-ssec.4) Financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, may contain a provision that the arrangements shall not be terminated on account of any matter or thing referred to in the arrangements and shall be enforceable notwithstanding any such matter or thing, being or including (without limiting the generality of the foregoing) any default, event of force majeure or other event which would or might at law otherwise terminate, or permit termination of the arrangements or excuse compliance with, or performance of, or provide a defence to, any proceedings to enforce the arrangements, and where any financial arrangements or other arrangements, or related arrangements, so provide the provision— shall operate in accordance with its terms so that the arrangements shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the arrangements; and shall be enforceable in accordance with its terms; notwithstanding any Act or rule of law to the contrary.\n(sec.24-ssec.5) Financial arrangements or other arrangements entered into by the Corporation or an affiliate may include an express waiver by the Corporation or affiliate of its immunity (if any) under any Act or rule of law from proceedings, either in whole or in part, and any such waiver shall operate in accordance with its terms notwithstanding any Act or rule of law to the contrary.\n(sec.24-ssec.6) Financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, may provide that the ownership of specified buildings, structures or fixtures, product or output of the land shall not vest in the owner of the land on which they are situated and that the buildings, structures, or fixtures, product or output are chattels and not realty and shall be transferable in accordance with the provisions of the arrangements to someone else.\n(sec.24-ssec.7) If financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, make provision for a matter mentioned in subsection (6) , the provision has effect despite any other law.\n(sec.24-ssec.8) In this section— related arrangements means arrangements, entered into by the Corporation, an affiliate or someone else, that give effect to, or are a part of, financial arrangements or other arrangements entered into by the Corporation or an affiliate.\n- (a) absolute and unconditional covenants or promises by the Corporation or an affiliate to pay for, or to make payments calculated by reference to output or other product, or the prospect of obtaining output or other product, whether or not that output or other product is at any relevant time, produced or delivered or capable of being produced or delivered; and\n- (b) absolute and unconditional covenants or promises by the Corporation or an affiliate to purchase, and pay for, any property in the events or circumstances specified in the financial arrangements or other arrangements; and\n- (c) absolute and unconditional covenants or promises by the Corporation or an affiliate to make or procure loans (at interest or otherwise) in the events or circumstances specified in the financial arrangements or other arrangements and failing this to make payments not less than the amount that would have been lent; and\n- (d) guarantees and indemnities to secure payment of moneys to a person;\n- (a) shall operate in accordance with its terms so that the arrangements shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the arrangements; and\n- (b) shall be enforceable in accordance with its terms;","sortOrder":37},{"sectionNumber":"sec.25","sectionType":"section","heading":"Powers to execute charges etc. relating to financial arrangements and other arrangements","content":"### sec.25 Powers to execute charges etc. relating to financial arrangements and other arrangements\n\nFor the purpose of performing financial arrangements and other arrangements to be entered into by or on behalf of the Corporation the Corporation may—\nexecute such mortgages, bills of sale, charges, liens and other encumbrances over any of the property of the Corporation or provide such other security as the Corporation thinks fit;\nexecute such other agreements including sale agreements, purchase agreements, building contracts, call and put options, leases and management and operating agreements as the Corporation thinks fit;\ncharge any of its income and revenue from whatever source arising.\nNo mortgage, bill of sale, charge, lien, other encumbrance, security or agreement referred to in subsection (1) and section 6 (3) and (4) shall operate to prevent the Corporation from dealing with its income and revenue or other property, as the case may be, in the ordinary course of performance of its powers, authorities, duties or functions under this or any other Act or in such manner as may be expressly permitted under the mortgage, bill of sale, charge, lien, other encumbrance, security or agreement.\n(sec.25-ssec.1) For the purpose of performing financial arrangements and other arrangements to be entered into by or on behalf of the Corporation the Corporation may— execute such mortgages, bills of sale, charges, liens and other encumbrances over any of the property of the Corporation or provide such other security as the Corporation thinks fit; execute such other agreements including sale agreements, purchase agreements, building contracts, call and put options, leases and management and operating agreements as the Corporation thinks fit; charge any of its income and revenue from whatever source arising.\n(sec.25-ssec.2) No mortgage, bill of sale, charge, lien, other encumbrance, security or agreement referred to in subsection (1) and section 6 (3) and (4) shall operate to prevent the Corporation from dealing with its income and revenue or other property, as the case may be, in the ordinary course of performance of its powers, authorities, duties or functions under this or any other Act or in such manner as may be expressly permitted under the mortgage, bill of sale, charge, lien, other encumbrance, security or agreement.\n- (a) execute such mortgages, bills of sale, charges, liens and other encumbrances over any of the property of the Corporation or provide such other security as the Corporation thinks fit;\n- (b) execute such other agreements including sale agreements, purchase agreements, building contracts, call and put options, leases and management and operating agreements as the Corporation thinks fit;\n- (c) charge any of its income and revenue from whatever source arising.","sortOrder":38},{"sectionNumber":"sec.26","sectionType":"section","heading":"Partnerships etc.","content":"### sec.26 Partnerships etc.\n\nWhere the Treasurer is satisfied that a partnership, joint venture or other association has been formed principally for purposes connected with the purposes of financial arrangements or other arrangements entered into by the Corporation, the Governor in Council may declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect—\nthe partnership, joint venture or association shall not, throughout the period from the date of its formation until the date that is 6 months after the date of its formation or, where some other date is prescribed, the prescribed date, be dissolved by reason of any person becoming a member of the partnership, joint venture or association;\nthe partnership, joint venture or association shall, as from the expiration of that period, be deemed to have consisted, throughout that period, of those persons who, at the expiration of that period, are members of the partnership, joint venture or association, in accordance with the interest of each of those members at the expiration of that period, but not so as to affect the liability of any person who ceased to be a member of the partnership during that period.\nWhere the Treasurer recommends to the Governor in Council that a partnership, joint venture or association consisting of more than 20 persons has been formed principally for purposes connected with the purposes of financial arrangements or other arrangements entered into by the Corporation, the Governor in Council may declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect—\nwithout limiting any other Act applicable to the partnership, joint venture or association, the partnership, joint venture or association shall be deemed to be and always to have been formed under this Act;\nthe partnership, joint venture or association is, accordingly, not prohibited by the Corporations Act , section 115 .\ns 26 amd 1995 No. 58 s 4 sch 1 ; 1996 No. 54 s 9 sch ; 2001 No. 45 s 29 sch 3\n(sec.26-ssec.1) Where the Treasurer is satisfied that a partnership, joint venture or other association has been formed principally for purposes connected with the purposes of financial arrangements or other arrangements entered into by the Corporation, the Governor in Council may declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect— the partnership, joint venture or association shall not, throughout the period from the date of its formation until the date that is 6 months after the date of its formation or, where some other date is prescribed, the prescribed date, be dissolved by reason of any person becoming a member of the partnership, joint venture or association; the partnership, joint venture or association shall, as from the expiration of that period, be deemed to have consisted, throughout that period, of those persons who, at the expiration of that period, are members of the partnership, joint venture or association, in accordance with the interest of each of those members at the expiration of that period, but not so as to affect the liability of any person who ceased to be a member of the partnership during that period.\n(sec.26-ssec.2) Where the Treasurer recommends to the Governor in Council that a partnership, joint venture or association consisting of more than 20 persons has been formed principally for purposes connected with the purposes of financial arrangements or other arrangements entered into by the Corporation, the Governor in Council may declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect— without limiting any other Act applicable to the partnership, joint venture or association, the partnership, joint venture or association shall be deemed to be and always to have been formed under this Act; the partnership, joint venture or association is, accordingly, not prohibited by the Corporations Act , section 115 .\n- (a) the partnership, joint venture or association shall not, throughout the period from the date of its formation until the date that is 6 months after the date of its formation or, where some other date is prescribed, the prescribed date, be dissolved by reason of any person becoming a member of the partnership, joint venture or association;\n- (b) the partnership, joint venture or association shall, as from the expiration of that period, be deemed to have consisted, throughout that period, of those persons who, at the expiration of that period, are members of the partnership, joint venture or association, in accordance with the interest of each of those members at the expiration of that period, but not so as to affect the liability of any person who ceased to be a member of the partnership during that period.\n- (a) without limiting any other Act applicable to the partnership, joint venture or association, the partnership, joint venture or association shall be deemed to be and always to have been formed under this Act;\n- (b) the partnership, joint venture or association is, accordingly, not prohibited by the Corporations Act , section 115 .","sortOrder":39},{"sectionNumber":"sec.27","sectionType":"section","heading":"Notice of trusts not to be received","content":"### sec.27 Notice of trusts not to be received\n\nUnless the Corporation otherwise expressly agrees in writing in a particular case, the Corporation and persons acting on its behalf—\nshall not receive and shall be deemed to have not received notice of any trust (express, implied or constructive) in relation to any financial arrangements entered into by the Corporation; and\nshall not be bound to see to the execution of any trust that may affect such financial arrangements.\n- (a) shall not receive and shall be deemed to have not received notice of any trust (express, implied or constructive) in relation to any financial arrangements entered into by the Corporation; and\n- (b) shall not be bound to see to the execution of any trust that may affect such financial arrangements.","sortOrder":40},{"sectionNumber":"sec.28","sectionType":"section","heading":null,"content":"### Section sec.28\n\ns 28 amd 1995 No. 58 s 4 sch 1 ; 1996 No. 54 s 9 sch\nom 1999 No. 69 s 7 sch","sortOrder":41},{"sectionNumber":"sec.29","sectionType":"section","heading":"Inscribed stock issued by Corporation","content":"### sec.29 Inscribed stock issued by Corporation\n\nAll inscribed stock of the Corporation in respect of a borrowing or raising of money by it—\nshall be issued in such series, at such times and places in or outside Queensland and in such manner as the Corporation thinks fit;\nshall bear interest at such rate or rates (if any) and be redeemable at such date or dates and at such place or places in or outside Queensland as advised by the Corporation;\nmay, with the consent of the registered owner, be paid off at any time prior to the due date thereof at not more than the amount of the principal remaining unpaid at the time or, at the discretion of the Corporation, at a premium with interest thereon to the date of payment only;\nshall, other than inscribed stock to which section 6 (4) applies, rank pari passu one with the other unless the Corporation otherwise expressly determines in respect of particular inscribed stock.\nUnless the Corporation otherwise expressly provides in respect of particular inscribed stock, no inscribed stock of the Corporation in respect of a borrowing or raising of money by it other than inscribed stock to which section 6 (4) applies shall entitle the registered owner to any charge or other security in respect of any of the income, revenue or any other assets of the Corporation.\nIn the case of an application to purchase inscribed stock—\nthe Corporation may require the applicant to lodge with the applicant’s application, as security, all or part of the purchase consideration; and\nwhere an application is accepted—the inscribed stock issued pursuant thereto shall bear interest at the rate or rates advised in accordance with this section on the amount lodged as security from the date of lodgment; and\nwhere an application is not accepted—the Corporation shall forthwith refund any amount lodged as security, together with such amount of interest as the Corporation considers appropriate, to the payer thereof or as the payer directs.\n(sec.29-ssec.1) All inscribed stock of the Corporation in respect of a borrowing or raising of money by it— shall be issued in such series, at such times and places in or outside Queensland and in such manner as the Corporation thinks fit; shall bear interest at such rate or rates (if any) and be redeemable at such date or dates and at such place or places in or outside Queensland as advised by the Corporation; may, with the consent of the registered owner, be paid off at any time prior to the due date thereof at not more than the amount of the principal remaining unpaid at the time or, at the discretion of the Corporation, at a premium with interest thereon to the date of payment only; shall, other than inscribed stock to which section 6 (4) applies, rank pari passu one with the other unless the Corporation otherwise expressly determines in respect of particular inscribed stock.\n(sec.29-ssec.2) Unless the Corporation otherwise expressly provides in respect of particular inscribed stock, no inscribed stock of the Corporation in respect of a borrowing or raising of money by it other than inscribed stock to which section 6 (4) applies shall entitle the registered owner to any charge or other security in respect of any of the income, revenue or any other assets of the Corporation.\n(sec.29-ssec.3) In the case of an application to purchase inscribed stock— the Corporation may require the applicant to lodge with the applicant’s application, as security, all or part of the purchase consideration; and where an application is accepted—the inscribed stock issued pursuant thereto shall bear interest at the rate or rates advised in accordance with this section on the amount lodged as security from the date of lodgment; and where an application is not accepted—the Corporation shall forthwith refund any amount lodged as security, together with such amount of interest as the Corporation considers appropriate, to the payer thereof or as the payer directs.\n- (a) shall be issued in such series, at such times and places in or outside Queensland and in such manner as the Corporation thinks fit;\n- (b) shall bear interest at such rate or rates (if any) and be redeemable at such date or dates and at such place or places in or outside Queensland as advised by the Corporation;\n- (c) may, with the consent of the registered owner, be paid off at any time prior to the due date thereof at not more than the amount of the principal remaining unpaid at the time or, at the discretion of the Corporation, at a premium with interest thereon to the date of payment only;\n- (d) shall, other than inscribed stock to which section 6 (4) applies, rank pari passu one with the other unless the Corporation otherwise expressly determines in respect of particular inscribed stock.\n- (a) the Corporation may require the applicant to lodge with the applicant’s application, as security, all or part of the purchase consideration; and\n- (b) where an application is accepted—the inscribed stock issued pursuant thereto shall bear interest at the rate or rates advised in accordance with this section on the amount lodged as security from the date of lodgment; and\n- (c) where an application is not accepted—the Corporation shall forthwith refund any amount lodged as security, together with such amount of interest as the Corporation considers appropriate, to the payer thereof or as the payer directs.","sortOrder":42},{"sectionNumber":"sec.30","sectionType":"section","heading":"Priority of charges","content":"### sec.30 Priority of charges\n\nWhere the Corporation has created a charge over its income and revenue as security for an obligation or liability entered into by it, that charge shall rank pari passu one with the other with all other charges created by it over its income and revenue except to the extent that the firstmentioned charge expressly provides that it shall rank with such other charges in some other manner, in which event the charges shall rank as so provided.\nWhere the Corporation has executed a mortgage, bill of sale, charge, lien or other encumbrance over any of its property (other than its income and revenue) such mortgage, bill of sale, charge, lien and other encumbrance shall rank in relation to the property over which it is secured in accordance with its terms and as provided by law and, in a case to which the provisions of subsection (1) is relevant, notwithstanding those provisions.\n(sec.30-ssec.1) Where the Corporation has created a charge over its income and revenue as security for an obligation or liability entered into by it, that charge shall rank pari passu one with the other with all other charges created by it over its income and revenue except to the extent that the firstmentioned charge expressly provides that it shall rank with such other charges in some other manner, in which event the charges shall rank as so provided.\n(sec.30-ssec.2) Where the Corporation has executed a mortgage, bill of sale, charge, lien or other encumbrance over any of its property (other than its income and revenue) such mortgage, bill of sale, charge, lien and other encumbrance shall rank in relation to the property over which it is secured in accordance with its terms and as provided by law and, in a case to which the provisions of subsection (1) is relevant, notwithstanding those provisions.","sortOrder":43},{"sectionNumber":"sec.31","sectionType":"section","heading":"Substitution and consolidation of securities","content":"### sec.31 Substitution and consolidation of securities\n\nIn this section—\nsecurity means a debenture, bond, stock or other security.\nstatutory body means a statutory body other than the Corporation.\nWithout limiting the generality of its powers, the Corporation may—\nhold, deal with, cancel, consolidate, reissue or dispose of securities of the Corporation; and\nhold, deal with or dispose of securities of a statutory body; and\nissue securities of the Corporation in substitution for a security or consolidation of securities of a statutory body.\nWhere as a consequence of the exercise of its powers under this section the Corporation holds or acquires a security in respect of which the Treasurer has guaranteed under any Act the due performance of any obligation in respect of that security, the Treasurer’s guarantee shall cease to be of any effect for such time and only for such time as such security is held by the Corporation.\nIf the holder of a security requests and the Corporation agrees to substitute for that security a security issued by the Corporation, the holder shall transfer to the Corporation such security and shall be entitled to be issued by the Corporation with a security evidencing, according to its terms, a financial arrangement between the Corporation and the holder.\nA security issued by the Corporation under subsection (4) shall provide for such rate or rates of interest (if any), such maturity date or dates and such other terms and conditions as are determined by the Corporation and in the absence of such a determination by the Corporation—\nshall provide for the same terms and conditions as the security transferred to the Corporation;\nshall be taken to express the terms of a financial arrangement made between the Corporation and the holder or holders thereof and shall be enforceable against the Corporation.\nOn the issue of a security under subsection (4) a financial arrangement shall thereby be created between the Corporation and the statutory body whose security has been replaced by the security given by the Corporation on the same terms and conditions as existed between the statutory body and the holder of a security transferred to the Corporation and the financial arrangement shall take such form as is nominated by the Corporation.\nThe Corporation and the statutory body referred to in subsection (6) are hereby empowered to enter into the financial arrangement referred to in subsection (6) and such financial arrangement shall be enforceable against the statutory body.\ns 31 amd 1995 No. 58 s 4 sch 1\n(sec.31-ssec.1) In this section— security means a debenture, bond, stock or other security. statutory body means a statutory body other than the Corporation.\n(sec.31-ssec.2) Without limiting the generality of its powers, the Corporation may— hold, deal with, cancel, consolidate, reissue or dispose of securities of the Corporation; and hold, deal with or dispose of securities of a statutory body; and issue securities of the Corporation in substitution for a security or consolidation of securities of a statutory body.\n(sec.31-ssec.3) Where as a consequence of the exercise of its powers under this section the Corporation holds or acquires a security in respect of which the Treasurer has guaranteed under any Act the due performance of any obligation in respect of that security, the Treasurer’s guarantee shall cease to be of any effect for such time and only for such time as such security is held by the Corporation.\n(sec.31-ssec.4) If the holder of a security requests and the Corporation agrees to substitute for that security a security issued by the Corporation, the holder shall transfer to the Corporation such security and shall be entitled to be issued by the Corporation with a security evidencing, according to its terms, a financial arrangement between the Corporation and the holder.\n(sec.31-ssec.5) A security issued by the Corporation under subsection (4) shall provide for such rate or rates of interest (if any), such maturity date or dates and such other terms and conditions as are determined by the Corporation and in the absence of such a determination by the Corporation— shall provide for the same terms and conditions as the security transferred to the Corporation; shall be taken to express the terms of a financial arrangement made between the Corporation and the holder or holders thereof and shall be enforceable against the Corporation.\n(sec.31-ssec.6) On the issue of a security under subsection (4) a financial arrangement shall thereby be created between the Corporation and the statutory body whose security has been replaced by the security given by the Corporation on the same terms and conditions as existed between the statutory body and the holder of a security transferred to the Corporation and the financial arrangement shall take such form as is nominated by the Corporation.\n(sec.31-ssec.7) The Corporation and the statutory body referred to in subsection (6) are hereby empowered to enter into the financial arrangement referred to in subsection (6) and such financial arrangement shall be enforceable against the statutory body.\n- (a) hold, deal with, cancel, consolidate, reissue or dispose of securities of the Corporation; and\n- (b) hold, deal with or dispose of securities of a statutory body; and\n- (c) issue securities of the Corporation in substitution for a security or consolidation of securities of a statutory body.\n- (a) shall provide for the same terms and conditions as the security transferred to the Corporation;\n- (b) shall be taken to express the terms of a financial arrangement made between the Corporation and the holder or holders thereof and shall be enforceable against the Corporation.","sortOrder":44},{"sectionNumber":"sec.32","sectionType":"section","heading":"Statutory guarantee","content":"### sec.32 Statutory guarantee\n\nThe due repayment of principal on inscribed stock issued in accordance with this Act and, where payable, the due payment of interest relating to the inscribed stock are guaranteed by the Treasurer, on behalf of the Government.\ns 32 amd 1995 No. 58 s 4 sch 1","sortOrder":45},{"sectionNumber":"sec.33","sectionType":"section","heading":"Discretionary guarantees","content":"### sec.33 Discretionary guarantees\n\nThe Treasurer, on behalf of the Government, may guarantee, subject to and in accordance with the approval of the Governor in Council, the due payment of all or part of the moneys from time to time payable and the due performance of any other obligations undertaken in accordance with financial arrangements or other arrangements entered into by the Corporation.\nA guarantee under subsection (1) may be given—\nby way of an instrument of guarantee; or\nby way of an order in council; or\nin such other form or manner as the Treasurer thinks fit.\nWhere a guarantee is given by way of an order in council, the order shall specify the terms and conditions to which the guarantee shall be subject, the guarantee shall become effective upon the publication of the order in the gazette or on such later date as is specified in the order as the date on which the guarantee is to become effective and the Treasurer shall be deemed to thereby guarantee the due payment of the moneys or the due performance of any other obligations to which the order relates.\nNotwithstanding that a guarantee has been given by way of an order in council the Treasurer may in addition give the Treasurer’s guarantee by way of an instrument of guarantee or in such other form or manner as the Treasurer thinks fit and a guarantee so given shall take effect according to its terms.\nThe Treasurer may, in giving a guarantee under this section, do all things necessary or incidental to the granting of that guarantee.\nA guarantee may contain provisions that the guarantee shall continue to be enforceable notwithstanding any event which would or might at law otherwise terminate, or permit termination of the guarantee or excuse compliance with, or performance of, or provide a defence to any enforcement of the guarantee and where any guarantee so provides the provision shall operate in accordance with its terms so that the guarantee shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the guarantee.\nA guarantee given under this section may include an express waiver by the Treasurer of the Treasurer’s immunity (if any) under any Act or rule of law from proceedings, either in whole or in part, and any such waiver shall operate in accordance with its terms, notwithstanding any Act or rule of law to the contrary.\nThe Treasurer may, by writing, delegate to any person the authority to execute an instrument of guarantee on the Treasurer’s behalf.\nFor the purposes of this part—\nguarantee when used as a noun includes indemnity and when used as a verb includes indemnify.\ns 33 amd 1995 No. 58 s 4 sch 1\n(sec.33-ssec.1) The Treasurer, on behalf of the Government, may guarantee, subject to and in accordance with the approval of the Governor in Council, the due payment of all or part of the moneys from time to time payable and the due performance of any other obligations undertaken in accordance with financial arrangements or other arrangements entered into by the Corporation.\n(sec.33-ssec.2) A guarantee under subsection (1) may be given— by way of an instrument of guarantee; or by way of an order in council; or in such other form or manner as the Treasurer thinks fit.\n(sec.33-ssec.3) Where a guarantee is given by way of an order in council, the order shall specify the terms and conditions to which the guarantee shall be subject, the guarantee shall become effective upon the publication of the order in the gazette or on such later date as is specified in the order as the date on which the guarantee is to become effective and the Treasurer shall be deemed to thereby guarantee the due payment of the moneys or the due performance of any other obligations to which the order relates.\n(sec.33-ssec.4) Notwithstanding that a guarantee has been given by way of an order in council the Treasurer may in addition give the Treasurer’s guarantee by way of an instrument of guarantee or in such other form or manner as the Treasurer thinks fit and a guarantee so given shall take effect according to its terms.\n(sec.33-ssec.5) The Treasurer may, in giving a guarantee under this section, do all things necessary or incidental to the granting of that guarantee.\n(sec.33-ssec.6) A guarantee may contain provisions that the guarantee shall continue to be enforceable notwithstanding any event which would or might at law otherwise terminate, or permit termination of the guarantee or excuse compliance with, or performance of, or provide a defence to any enforcement of the guarantee and where any guarantee so provides the provision shall operate in accordance with its terms so that the guarantee shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the guarantee.\n(sec.33-ssec.7) A guarantee given under this section may include an express waiver by the Treasurer of the Treasurer’s immunity (if any) under any Act or rule of law from proceedings, either in whole or in part, and any such waiver shall operate in accordance with its terms, notwithstanding any Act or rule of law to the contrary.\n(sec.33-ssec.8) The Treasurer may, by writing, delegate to any person the authority to execute an instrument of guarantee on the Treasurer’s behalf.\n(sec.33-ssec.9) For the purposes of this part— guarantee when used as a noun includes indemnity and when used as a verb includes indemnify.\n- (a) by way of an instrument of guarantee; or\n- (b) by way of an order in council; or\n- (c) in such other form or manner as the Treasurer thinks fit.","sortOrder":46},{"sectionNumber":"sec.34","sectionType":"section","heading":"Appropriation","content":"### sec.34 Appropriation\n\nAll moneys payable by the Treasurer under a guarantee given under either section 32 or 33 shall be a charge upon and be paid out of the consolidated fund, which is to the extent necessary appropriated accordingly.\ns 34 amd 1995 No. 58 s 4 sch 1","sortOrder":47},{"sectionNumber":"sec.35","sectionType":"section","heading":"Requirement for security","content":"### sec.35 Requirement for security\n\nWithout limiting the power of the Treasurer with respect to the terms and conditions to which the Treasurer’s guarantee may be subject, the Treasurer may require a person with whom the Corporation has entered into or desires to enter into any financial arrangements or other arrangements to take security of a description specified in the guarantee.\nIf a person required to take security under subsection (1) —\nfails to take security of the description specified;\nhaving taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained;\nhaving taken such security, waives any right or remedy thereby secured to the person without the Treasurer’s consent in writing first had and obtained;\nthe guarantee in connection with which the security was required shall be void and shall be deemed to have been void ab initio.\ns 35 amd 1995 No. 58 s 4 sch 1\n(sec.35-ssec.1) Without limiting the power of the Treasurer with respect to the terms and conditions to which the Treasurer’s guarantee may be subject, the Treasurer may require a person with whom the Corporation has entered into or desires to enter into any financial arrangements or other arrangements to take security of a description specified in the guarantee.\n(sec.35-ssec.2) If a person required to take security under subsection (1) — fails to take security of the description specified; having taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained; having taken such security, waives any right or remedy thereby secured to the person without the Treasurer’s consent in writing first had and obtained; the guarantee in connection with which the security was required shall be void and shall be deemed to have been void ab initio.\n- (a) fails to take security of the description specified;\n- (b) having taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained;\n- (c) having taken such security, waives any right or remedy thereby secured to the person without the Treasurer’s consent in writing first had and obtained;","sortOrder":48},{"sectionNumber":"sec.36","sectionType":"section","heading":"Protection of investors","content":"### sec.36 Protection of investors\n\nA person who enters into financial arrangements with the Corporation shall not be bound to inquire into the application of money, credit or other financial accommodation provided by the person and the person shall not be held responsible in any way for the non-application or misapplication thereof.\nWhen a person enters into any financial arrangement or other arrangement of any kind with the Corporation and there is issued any document, writing, contract, security, deed, or other instrument which appears on its face to be duly issued and executed by a person authorised by this Act, the firstmentioned person shall not be bound to inquire whether the financial arrangement or other arrangement was in fact duly authorised or within the power of the Corporation and the issue of such document, writing, security, instrument or deed shall be conclusive evidence in favour of all persons that the Corporation was empowered to enter into the financial arrangement or other arrangement and that approval was duly given to the financial arrangement or other arrangement and that the financial arrangement or other arrangement complies with this Act.\n(sec.36-ssec.1) A person who enters into financial arrangements with the Corporation shall not be bound to inquire into the application of money, credit or other financial accommodation provided by the person and the person shall not be held responsible in any way for the non-application or misapplication thereof.\n(sec.36-ssec.2) When a person enters into any financial arrangement or other arrangement of any kind with the Corporation and there is issued any document, writing, contract, security, deed, or other instrument which appears on its face to be duly issued and executed by a person authorised by this Act, the firstmentioned person shall not be bound to inquire whether the financial arrangement or other arrangement was in fact duly authorised or within the power of the Corporation and the issue of such document, writing, security, instrument or deed shall be conclusive evidence in favour of all persons that the Corporation was empowered to enter into the financial arrangement or other arrangement and that approval was duly given to the financial arrangement or other arrangement and that the financial arrangement or other arrangement complies with this Act.","sortOrder":49},{"sectionNumber":"sec.37","sectionType":"section","heading":"Fees and commissions","content":"### sec.37 Fees and commissions\n\nThe Corporation may charge any statutory body or any person any commissions, fees or charges in respect of the entering into of financial arrangements or otherwise carrying out its functions under this Act.\nThe Corporation may pay moneys by way of commission or fees in respect of the entering into of financial arrangements or otherwise carrying out its functions, notwithstanding any Act to the contrary.\ns 37 amd 1995 No. 58 s 4 sch 1\n(sec.37-ssec.1) The Corporation may charge any statutory body or any person any commissions, fees or charges in respect of the entering into of financial arrangements or otherwise carrying out its functions under this Act.\n(sec.37-ssec.2) The Corporation may pay moneys by way of commission or fees in respect of the entering into of financial arrangements or otherwise carrying out its functions, notwithstanding any Act to the contrary.","sortOrder":50},{"sectionNumber":"sec.38","sectionType":"section","heading":null,"content":"### Section sec.38\n\ns 38 amd 1994 No. 31 s 2 sch 1\nom 2001 No. 71 s 551 sch 1","sortOrder":51},{"sectionNumber":"sec.39","sectionType":"section","heading":null,"content":"### Section sec.39\n\ns 39 amd 1995 No. 58 s 4 sch 1\nom 1996 No. 54 s 9 sch","sortOrder":52},{"sectionNumber":"pt.5","sectionType":"part","heading":"Miscellaneous","content":"# Miscellaneous","sortOrder":53},{"sectionNumber":"sec.39A","sectionType":"section","heading":"Orders in council not subordinate legislation","content":"### sec.39A Orders in council not subordinate legislation\n\nAn order in council made under this Act is not subordinate legislation.\ns 39A ins 1994 No. 31 s 2 sch 1","sortOrder":54},{"sectionNumber":"sec.40","sectionType":"section","heading":"Regulations","content":"### sec.40 Regulations\n\nThe Governor in Council may make regulations under this Act.\nA regulation may make provision with respect to—\nany matter which relates to or is a consequence of the Corporation entering into financial arrangements, the repayment of moneys raised under such arrangements and the discharge of obligations incurred by the provision of financial accommodation under such arrangements; and\nany matter which is necessary or convenient to enable the Corporation or other person to carry out or give effect to this Act or any financial arrangement; and\nany matter which is consequent upon a person being in a position, by virtue of or as a consequence of a financial arrangement, to exercise some or all of the rights, powers, authorities, exemptions, remedies, functions or duties of the Corporation, the manner in which advisory boards and members of advisory boards shall be vested with powers, authorities, functions and duties and procedural matters relating to the discharge of those powers, authorities, functions and duties; and\nthe fees, allowances and expenses to be paid to members of advisory boards for performance of their duties and attendance at meetings of their boards.\nAlso, the regulations—\nmay prescribe the form of and the manner of issuing securities of every description by the Corporation; and\nmay provide for the keeping and inspection of and the taking of copies of or extracts from the register of inscribed stock ledgers of the Corporation; and\nmay provide for lost or defaced debentures, coupons, bonds, stock certificates and other securities issued by the Corporation and the destruction of discharged debentures, coupons, bonds, stock certificates and other securities; and\nmay prescribe in relation to entering into financial arrangements outside Queensland by the Corporation; and\nmay provide for sinking funds and other methods for the repayment of moneys raised by or other financial arrangements entered into by the Corporation and for the appointment of trustees of a debt redemption fund with respect thereto and for the powers, functions and duties of such trustees and may regulate all matters connected with such matters so provided for.\nA regulation may apply to the Corporation, affiliates and other parties to financial arrangements or investments.\ns 40 amd 1994 No. 31 s 2 sch 1 ; 1995 No. 58 s 4 sch 1\n(sec.40-ssec.1) The Governor in Council may make regulations under this Act.\n(sec.40-ssec.1A) A regulation may make provision with respect to— any matter which relates to or is a consequence of the Corporation entering into financial arrangements, the repayment of moneys raised under such arrangements and the discharge of obligations incurred by the provision of financial accommodation under such arrangements; and any matter which is necessary or convenient to enable the Corporation or other person to carry out or give effect to this Act or any financial arrangement; and any matter which is consequent upon a person being in a position, by virtue of or as a consequence of a financial arrangement, to exercise some or all of the rights, powers, authorities, exemptions, remedies, functions or duties of the Corporation, the manner in which advisory boards and members of advisory boards shall be vested with powers, authorities, functions and duties and procedural matters relating to the discharge of those powers, authorities, functions and duties; and the fees, allowances and expenses to be paid to members of advisory boards for performance of their duties and attendance at meetings of their boards.\n(sec.40-ssec.2) Also, the regulations— may prescribe the form of and the manner of issuing securities of every description by the Corporation; and may provide for the keeping and inspection of and the taking of copies of or extracts from the register of inscribed stock ledgers of the Corporation; and may provide for lost or defaced debentures, coupons, bonds, stock certificates and other securities issued by the Corporation and the destruction of discharged debentures, coupons, bonds, stock certificates and other securities; and may prescribe in relation to entering into financial arrangements outside Queensland by the Corporation; and may provide for sinking funds and other methods for the repayment of moneys raised by or other financial arrangements entered into by the Corporation and for the appointment of trustees of a debt redemption fund with respect thereto and for the powers, functions and duties of such trustees and may regulate all matters connected with such matters so provided for.\n(sec.40-ssec.3) A regulation may apply to the Corporation, affiliates and other parties to financial arrangements or investments.\n- (a) any matter which relates to or is a consequence of the Corporation entering into financial arrangements, the repayment of moneys raised under such arrangements and the discharge of obligations incurred by the provision of financial accommodation under such arrangements; and\n- (b) any matter which is necessary or convenient to enable the Corporation or other person to carry out or give effect to this Act or any financial arrangement; and\n- (c) any matter which is consequent upon a person being in a position, by virtue of or as a consequence of a financial arrangement, to exercise some or all of the rights, powers, authorities, exemptions, remedies, functions or duties of the Corporation, the manner in which advisory boards and members of advisory boards shall be vested with powers, authorities, functions and duties and procedural matters relating to the discharge of those powers, authorities, functions and duties; and\n- (d) the fees, allowances and expenses to be paid to members of advisory boards for performance of their duties and attendance at meetings of their boards.\n- (a) may prescribe the form of and the manner of issuing securities of every description by the Corporation; and\n- (b) may provide for the keeping and inspection of and the taking of copies of or extracts from the register of inscribed stock ledgers of the Corporation; and\n- (c) may provide for lost or defaced debentures, coupons, bonds, stock certificates and other securities issued by the Corporation and the destruction of discharged debentures, coupons, bonds, stock certificates and other securities; and\n- (d) may prescribe in relation to entering into financial arrangements outside Queensland by the Corporation; and\n- (e) may provide for sinking funds and other methods for the repayment of moneys raised by or other financial arrangements entered into by the Corporation and for the appointment of trustees of a debt redemption fund with respect thereto and for the powers, functions and duties of such trustees and may regulate all matters connected with such matters so provided for.","sortOrder":55},{"sectionNumber":"sec.41","sectionType":"section","heading":null,"content":"### Section sec.41\n\ns 41 ins 1994 No. 31 s 5\nom 2013 No. 39 s 27","sortOrder":56},{"sectionNumber":"pt.6","sectionType":"part","heading":null,"content":"","sortOrder":57},{"sectionNumber":"sec.42","sectionType":"section","heading":null,"content":"### Section sec.42\n\ns 42 ins 1994 No. 31 s 5\nexp 31 December 1994 (see s 42(2))","sortOrder":58}],"analysis":{"kimi_summary":{"_metrics":{"completionTokens":579},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":true,"description":"The legislation has expanded considerably from its original 1988 form. The definition of 'financial arrangements' has grown to encompass derivatives, currency hedging, risk management instruments, and complex structured products that didn't exist in 1988. Sections 19A-19D and 41-42 were inserted and later repealed, showing experimental additions. The 1994 and 1996 amendments significantly broadened QTC's commercial powers beyond simple government borrowing to include sophisticated investment banking activities."},"complexity_factors":["Extensive defined terms including nested definitions for 'statutory body' with multiple disjunctive conditions","Cross-references to multiple other Acts (Statutory Bodies Financial Arrangements Act 1982, Acquisition of Land Act 1967, Land Act 1994, Corporations Act)","Numerous amendment notations showing legislative evolution since 1988","Conditional powers subject to Governor in Council approval with 'notwithstanding' clauses that preserve validity even if conditions breached","Complex financial concepts including 'inscribed stock', 'debt assumption arrangements', 'sinking funds', and 'pari passu' ranking","Detailed machinery provisions for land acquisition, security substitution, and partnership formations","Multiple repealed and substituted sections indicating significant historical restructuring"],"plain_english_summary":"This Act establishes the **Queensland Treasury Corporation (QTC)** as the State's central financial authority. Think of it as Queensland's \"bank\" — it borrows money on behalf of the government and public bodies, lends to them, and manages investments.\n\n**What it does:**\n- **Creates QTC** as a corporation sole (a legal entity consisting of one person — originally the Under Treasurer, now administered by the Treasurer and chief executive)\n- **Powers QTC to borrow and lend** — it can raise money in Australia or overseas, make loans to government bodies (\"statutory bodies\"), and act as their agent for financial deals\n- **Allows QTC to invest** — in property, shares, bonds, commodities, joint ventures, and almost any other financial instrument\n- **Provides government guarantees** — the Treasurer can guarantee QTC's debts, making them safer for investors\n- **Protects investors** — people dealing with QTC don't need to check if deals were properly authorised\n\n**Who it affects:**\n- Queensland government departments and public bodies (who borrow through QTC)\n- Investors who buy QTC bonds and securities\n- The Queensland taxpayer (since profits/losses flow to the consolidated fund)\n\n**Why it matters:**\nQTC lets Queensland get cheaper finance by borrowing centrally rather than each agency borrowing separately. The government guarantee means lower interest rates, but taxpayers ultimately backstop any losses."},"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":[{"type":"self_contradicting","section":"sec.14(3)","severity":"high","reasoning":"Section 14(3) permits the Corporation to make delegations that are stated to be irrevocable 'despite any Act or rule of law.' This is logically self-defeating: the very Act that grants the delegation power could theoretically be amended or repealed, yet the delegation purports to survive even that. A statutory body cannot by its own action place its delegated powers permanently beyond the reach of Parliament or the courts. The provision also contradicts the general principle of Acts Interpretation that a delegator retains supervisory capacity, which s.14(4) then explicitly also purports to waive.","confidence":0.82,"description":"Irrevocable delegation of powers 'despite any Act or rule of law'"},{"type":"impossible_compliance","section":"sec.14(4)","severity":"high","reasoning":"Section 14(4) allows the Corporation to state that it will not exercise delegated powers while the delegation is in force AND that it will not supervise the delegate. Combined with sec.14(3)'s irrevocability provision, this creates a situation where the Corporation permanently and irrevocably strips itself of its statutory functions with no oversight mechanism whatsoever. A statutory body created by Parliament to perform public functions cannot lawfully and permanently abdicate those functions to an unsupervised third party. This arguably renders the Corporation's core obligations under ss.16-17 incapable of fulfilment.","confidence":0.78,"description":"Corporation may declare it will neither exercise delegated powers nor supervise the delegate"},{"type":"self_contradicting","section":"sec.18(3) and sec.18(4)","severity":"high","reasoning":"Section 18(3) imposes a mandatory duty on the Corporation to comply with limits or conditions imposed by the Governor in Council prior to entering a financial arrangement. Section 18(4) then provides that a failure to comply with s.18(3) does not invalidate the financial arrangement, which remains fully enforceable. This is a direct logical contradiction: a legal obligation that carries no legal consequence for non-compliance is not an obligation in any meaningful sense. The same structural absurdity is replicated in ss.19(3)-(4), 20(2)/(4), and 21(3)-(4).","confidence":0.9,"description":"Mandatory compliance with Governor in Council limits rendered toothless by non-invalidation provision"},{"type":"self_contradicting","section":"sec.24(3) and sec.24(4)","severity":"high","reasoning":"Sections 24(3) and 24(4) provide that covenants, guarantees, and non-termination provisions operate 'notwithstanding any Act or rule of law to the contrary.' Taken literally, this would mean that if Parliament repealed the Queensland Treasury Corporation Act 1988 itself, the Corporation's pre-existing arrangements would remain enforceable against the Crown in perpetuity despite the Corporation having ceased to legally exist. This creates an impossible situation where a statutory creation can bind the sovereign beyond the reach of the sovereign's own legislature.","confidence":0.75,"description":"Arrangements enforceable 'notwithstanding any Act or rule of law to the contrary' including the very Act creating the Corporation"},{"type":"circular_definition","section":"sec.9(2)","severity":"medium","reasoning":"Section 9(1) allows the chief executive to authorise another person to affix the official seal. Section 9(2) requires that such authorisation itself be 'in writing under the official seal of the Corporation.' This creates a minor circularity: to authorise someone else to use the seal, the chief executive must already use the seal to sign the authorisation. If the chief executive is unavailable and no prior authorisation exists, there is no mechanism for a third party to lawfully affix the seal, since any authorisation of a third party to do so would itself require the seal to be affixed first.","confidence":0.72,"description":"Circular authorisation requirement: official seal needed to authorise use of official seal"},{"type":"self_contradicting","section":"sec.5(4) and sec.5(5)","severity":"low","reasoning":"Section 5(4) requires courts to take judicial notice of the chief executive's appointment and signature. Section 5(5) then provides that it shall be 'presumed until the contrary is proved' that the seal and signature were duly affixed. Judicial notice means a fact is accepted without proof and cannot be rebutted. A rebuttable presumption ('until the contrary is proved') by definition can be rebutted. These two evidentiary standards are logically inconsistent when applied to the same fact: a fact cannot simultaneously be beyond dispute (judicial notice) and disputable (rebuttable presumption).","confidence":0.68,"description":"Judicial notice and rebuttable presumption of the same fact operate simultaneously"},{"type":"other","section":"sec.19AA(4)","severity":"medium","reasoning":"Section 19AA(3) compels a statutory body to transfer sinking funds to the Corporation within 14 days. Section 19AA(4) then provides the Corporation may hold those funds 'for any use or purpose the Corporation considers fit,' simultaneously extinguishing all restrictions on those funds including sinking fund requirements. The stated purpose of s.19AA(1) is providing financial accommodation by taking over payment obligations. Allowing the Corporation to use transferred sinking funds for any unrelated purpose whatsoever is logically inconsistent with the debt assumption mechanism it is supposed to support, and potentially defeats the creditor protections those sinking funds were established to provide.","confidence":0.65,"description":"Corporation may hold sinking funds 'for any use or purpose' including uses inconsistent with the debt assumption purpose"},{"type":"retroactive_impossibility","section":"sec.26(1)(b)","severity":"medium","reasoning":"Section 26(1)(b) deems a partnership to have consisted throughout its formation period only of those persons who are members at the expiration of the 6-month period, 'in accordance with the interest of each of those members at the expiration of that period.' This retrospectively rewrites the legal history of the partnership, potentially extinguishing obligations owed to persons who were members during the period but left before its expiry. The carve-out ('but not so as to affect the liability of any person who ceased to be a member') partially addresses this but does not resolve the impossibility of retrospectively attributing interests that may not have existed in the form they take at period end.","confidence":0.6,"description":"Retrospective deemed membership of partnership is legally impossible as applied"},{"type":"other","section":"sec.15","severity":"low","reasoning":"Section 15 provides that all profits accrue to the consolidated fund and all losses are the responsibility of the consolidated fund (subject to Governor in Council direction). While not strictly a logical contradiction, this arrangement means the Corporation bears no financial risk whatsoever for its own commercial decisions, which is logically inconsistent with the Act's objective in s.16(b) to 'enhance the financial position of the Corporation.' A body that cannot bear losses has no financial position to enhance in any commercially meaningful sense.","confidence":0.55,"description":"Profits accrue to consolidated fund but losses are also responsibility of consolidated fund, creating a no-risk entity"}],"contradictions":[{"severity":"high","section_a":"sec.18(3)","section_b":"sec.18(4)","confidence":0.92,"description":"Section 18(3) imposes a mandatory obligation on the Corporation to comply with Governor in Council limits on financial arrangements. Section 18(4) expressly provides that non-compliance with s.18(3) does not invalidate the arrangement and it remains fully enforceable. A mandatory legal duty with no legal consequence for breach is a direct internal contradiction."},{"severity":"high","section_a":"sec.19(3)","section_b":"sec.19(4)","confidence":0.92,"description":"Identical contradiction to ss.18(3)-(4): mandatory compliance with Governor in Council lending conditions is rendered meaningless by the non-invalidation provision in s.19(4). The obligation is stated as mandatory ('shall comply') but carries no enforceable consequence."},{"severity":"high","section_a":"sec.20(2)","section_b":"sec.20(4)","confidence":0.92,"description":"Section 20(2) mandates the Corporation comply with Governor in Council investment limits. Section 20(4) provides that failure to comply with s.20(2) does not invalidate the investment. Same structural contradiction as ss.18(3)-(4) and ss.19(3)-(4)."},{"severity":"high","section_a":"sec.21(3)","section_b":"sec.21(4)","confidence":0.92,"description":"Section 21(3) mandates compliance with Governor in Council conditions for other financial arrangements. Section 21(4) provides non-compliance does not invalidate the arrangement. Fourth iteration of the same mandatory-obligation-without-consequence contradiction throughout the Act."},{"severity":"medium","section_a":"sec.7 (Corporation represents the Crown and has Crown immunities)","section_b":"sec.24(5)","confidence":0.7,"description":"Section 7 provides the Corporation has all the powers, privileges, rights and remedies of the Crown, which includes Crown immunity from certain legal proceedings. Section 24(5) expressly permits the Corporation to waive this immunity 'notwithstanding any Act or rule of law.' This creates a tension: s.7 grants Crown status 'subject to this Act,' meaning s.24(5) technically prevails, but a Crown body waiving Crown immunity in perpetuity for commercial arrangements sits in fundamental tension with its status as a representative of the Crown under s.7."},{"severity":"high","section_a":"sec.14(1) (limited list of delegates)","section_b":"sec.14(2) (delegation to 'anyone')","confidence":0.85,"description":"Section 14(1) carefully limits the persons to whom the Corporation may delegate its powers: advisory boards, Corporation officers/employees, assigned departmental officers, or seconded statutory body officers. Section 14(2) then provides that if the Corporation enters into financial or other arrangements under the Act, it may delegate its powers 'to anyone.' This effectively nullifies the limitations in s.14(1) since the Corporation's entire purpose involves entering into financial arrangements, meaning the restricted list in s.14(1) is rendered largely redundant by the open-ended delegation in s.14(2)."},{"severity":"medium","section_a":"sec.5(4) (judicial notice of chief executive's appointment and signature)","section_b":"sec.5(5) (rebuttable presumption regarding the same matters)","confidence":0.75,"description":"Section 5(4) mandates courts take judicial notice of the chief executive's appointment and signature — a conclusive evidentiary rule. Section 5(5) establishes a rebuttable presumption regarding the same facts. These two evidentiary standards are logically irreconcilable: judicial notice precludes contrary evidence while a rebuttable presumption expressly allows it."},{"severity":"medium","section_a":"sec.16(b) (objective to enhance financial position of the Corporation)","section_b":"sec.15 (all profits and losses rest with consolidated fund)","confidence":0.65,"description":"Section 16(b) states an objective of the Corporation is to 'enhance the financial position of the Corporation.' Section 15 provides that all profits flow to the consolidated fund and all losses are borne by the consolidated fund. If the Corporation retains neither profits nor bears losses, it has no independent financial position capable of being enhanced or diminished, making the objective in s.16(b) hollow with respect to the Corporation itself."},{"severity":"medium","section_a":"sec.19AA(1) (debt assumption arrangement as financial accommodation to statutory body)","section_b":"sec.19AA(4) (funds may be used for any purpose Corporation sees fit)","confidence":0.68,"description":"Section 19AA(1) frames the debt assumption arrangement as providing financial accommodation to a statutory body by taking over its payment obligations. Section 19AA(4) permits the Corporation to use the transferred sinking funds 'for any use or purpose the Corporation considers fit,' removing all restrictions. Using funds earmarked for debt servicing for entirely unrelated purposes is logically inconsistent with the accommodation purpose and could render the Corporation unable to meet the very payment obligations it assumed under s.19AA(1)."},{"severity":"medium","section_a":"sec.25(1)(c) (Corporation may charge all its income and revenue)","section_b":"sec.25(2) (no charge shall prevent the Corporation dealing with income and revenue in ordinary course)","confidence":0.72,"description":"Section 25(1)(c) empowers the Corporation to charge 'any of its income and revenue from whatever source arising' as security. Section 25(2) then provides that no such charge shall operate to prevent the Corporation from dealing with its income and revenue 'in the ordinary course of performance of its powers.' This substantially undermines the utility of a charge over income and revenue as security: a creditor holding such a charge cannot prevent the Corporation from dealing with the charged assets in its ordinary course of business, making the security of questionable practical value and potentially misleading to secured creditors."}]},"summary":{"complexity_score":8,"scope_assessment":{"changed":true,"description":"The Act began as a straightforward renaming and restructuring of the Queensland Government Development Authority into the Queensland Treasury Corporation as a central borrowing authority for government agencies. Over time, through amendments, its scope expanded significantly — notably to include very broad investment powers (including commodity trading, infrastructure development, and virtually unlimited financial instruments), irrevocable delegation powers, debt assumption mechanisms from other statutory bodies, and explicit exclusion from Corporations Act regulation. The 'financial arrangements' definition was broadened to an extraordinarily wide scope covering almost any conceivable financial transaction. Several dividend and attributed-amount provisions were added and later removed (2013), suggesting the commercial/financial mandate evolved and was then partly wound back."},"complexity_factors":["Highly technical financial and legal terminology throughout — derivatives, inscribed stock, pari passu ranking, corporation sole, debentures, bills of exchange","Extremely broad and expansive definition of 'financial arrangements' spanning 18+ categories of transaction types","Multiple layers of government oversight (Treasurer, Governor in Council, chief executive) with nuanced interactions","Complex provisions overriding general law — financial arrangements expressly enforceable despite breach of internal limits, despite force majeure, despite common law defences","Interplay with numerous other Acts including Statutory Bodies Financial Arrangements Act 1982, Acquisition of Land Act 1967, Land Act 1994, Corporations Act, Acts Interpretation Act 1954, and Public Sector Act 2022","Historical continuity provisions tracing the entity back through predecessor bodies (Queensland Government Development Authority) with savings provisions for old securities and guarantees","Delegation provisions that can be irrevocable and can explicitly exclude the delegator from supervising the delegate — unusual and legally complex","Provisions altering property law (fixtures treated as chattels) and partnership law (large partnerships exempt from Corporations Act limits)","Multiple sections omitted or repealed over time, creating gaps in numbering that complicate reading the Act as a coherent whole","Corporation sole legal structure — an unusual legal form (a single-person legal entity, not a board-governed company) that is unfamiliar to most readers"],"plain_english_summary":"## Queensland Treasury Corporation Act 1988 — What Is This?\n\nThis law creates and governs the **Queensland Treasury Corporation (QTC)** — essentially Queensland's government bank and financial manager. Think of it as the State's in-house financial services provider.\n\n### What Does the QTC Actually Do?\n\nThe QTC acts as a **central borrowing authority** for the Queensland Government and its agencies (called \"statutory bodies\" — things like government-owned corporations, local councils, and other public entities). In practical terms, it:\n\n- **Borrows money** on financial markets (in Australia and overseas) on behalf of the State and government agencies — often at better rates than those agencies could get on their own\n- **Lends that money** to government agencies to fund infrastructure and operations\n- **Invests funds** on behalf of the Treasurer and government bodies\n- **Manages financial risk** — including currency and interest rate risks — through complex financial instruments like derivatives (contracts whose value is based on something else, like an interest rate)\n- **Issues government securities** (like bonds — essentially IOUs that pay interest) to raise money from investors\n- Enters into virtually any kind of financial deal imaginable, from joint ventures to commodity trading\n\n### Who Does It Affect?\n\n- **Ordinary Queenslanders** are indirectly affected — the QTC's borrowing costs affect how much Queensland spends on debt, which in turn affects public services and infrastructure\n- **Government agencies and local councils** deal directly with the QTC for their borrowing and investment needs\n- **Investors** who buy QTC-issued securities (bonds, inscribed stock) have their rights protected under this Act\n- **Private sector parties** who enter into financial arrangements with the QTC\n\n### Key Features Worth Knowing\n\n- The QTC **represents the Crown** (i.e., the State government) — it has the full legal backing and powers of the State\n- It is **excluded from normal corporate law** (the Corporations Act) — it operates under its own special rules\n- Contracts it enters into are **extremely hard to undo** — the Act specifically makes most financial arrangements enforceable even if internal rules were breached, protecting counterparties\n- **Profits flow to consolidated revenue** (the general State budget); losses are also absorbed by the State\n- The Treasurer and Governor in Council (the Cabinet acting formally) have oversight powers but cannot invalidate deals already done\n- The QTC can **take over debt obligations** from other government agencies — essentially refinancing their debt\n\n### Why Does It Matter?\n\nThe QTC manages billions of dollars in government debt and investment. It is a critical piece of Queensland's financial infrastructure, keeping government borrowing costs down and ensuring agencies have access to funding."},"flash_summary":{"complexity_score":8,"scope_assessment":{"changed":false,"description":"The Act preserves and continues the prior corporation sole (sec 5(2), sec 6) and explicitly carries forward the prior authority’s property, contracts, proceedings and delegations (sec 6(2)–(6)). It does not narrow the predecessor’s powers; instead it establishes the Corporation with broad and detailed borrowing, lending, investment and contracting powers (secs 17–22, 24, 25, 29–31). Where the Act departs from earlier arrangements it does so by consolidating and specifying operational mechanisms (for example, centralised borrowing/lending, debt-assumption transfers at sec 19AA, and explicit enforceability of unconditional covenants at sec 24) rather than by reducing scope. Therefore, on the face of the text provided, the statutory scope is preserved or expanded rather than materially narrowed from the predecessor authority; key continuities and continuations are recorded at secs 5–6."},"complexity_factors":["Very broad statutory definition of “financial arrangements” covering borrowing, lending, leases, guarantees, derivatives and many other transactions (sec 4 definition).","Extensive investment and commercial powers granted to the Corporation, including carrying on any business, acquiring property and entering joint ventures (sec 20; sec 22).","Power to make absolute and unconditional covenants and guarantees enforceable notwithstanding other Acts or rules of law (sec 24).","Statutory and discretionary State guarantees creating contingent fiscal exposure, with payments appropriated from the consolidated fund (secs 32–34).","Debt-assumption power that can require transfer of sinking-fund amounts and remove prior restrictions on their use within 14 days (sec 19AA).","Wide delegation regime allowing irrevocable delegations and delegations without supervision (sec 14).","Ability to create charges over income and revenue and to execute security instruments, along with specific priority and substitution rules for securities (secs 25, 29–31).","Investor-facing evidentiary rules that make apparent authorisation conclusive and limit counterparties’ investigative obligations (sec 36).","Multiple layers of executive discretion (Treasurer, Governor in Council) that interact with delegated operational powers (secs 5, 10, 13, 18–21, 33).","Regulatory and procedural matters left to regulation and orders in council, including that orders in council under the Act are not subordinate legislation (secs 39A, 40)."],"plain_english_summary":"What this law does (mechanics first)\n\n- Establishes Queensland Treasury Corporation (the Corporation) as a continuing corporation sole (a legal entity) preserved from the prior authority and administered by the Treasurer and, under the Treasurer’s direction, the chief executive (secs 5, 6).\n- Gives the Corporation a wide set of financial powers: to borrow, lend, invest and otherwise enter into “financial arrangements” in Queensland or elsewhere; to act as central borrowing and capital-raising authority for statutory bodies; to act as agent for statutory bodies; and to carry on business and hold property (secs 17–22; definition of financial arrangements in sec 4).\n- Allows the Corporation to issue securities (inscribed stock) and to create charges over its income and revenue, to grant mortgages and other securities, and to substitute or consolidate securities (secs 25, 29–31).\n- Makes the due repayment of inscribed stock a statutory guarantee by the Treasurer (sec 32) and permits the Treasurer, with Governor in Council approval, to give other guarantees or indemnities for Corporation arrangements (sec 33). Payments under those guarantees are to be met from the consolidated fund (sec 34).\n- Enables the Corporation to enter absolute and unconditional covenants, guarantees and indemnities (including advance payments and waivers of immunity), and to make arrangements that are enforceable notwithstanding other Acts or common-law rules (sec 24).\n- Gives the Treasurer and Governor in Council multiple points of discretion: to impose conditions or limits on particular financial arrangements or investments before they are entered into (secs 18(3), 19(3), 20(2), 21(3)), to approve creation or abolition of advisory boards (sec 10), to approve secondment of staff from statutory bodies (sec 13), and to approve discretionary guarantees (sec 33). The Treasurer administers the Act (sec 5(1)).\n- Allows the Corporation to delegate extensively (including irrevocably and without supervision in stated cases) to boards, officers, department staff or others (sec 14).\n- Contains special powers for dealing with sinking funds and debt-assumption arrangements where the Corporation may require transfer of funds from a statutory body’s sinking fund and then hold/use those funds without the original statutory or contractual restrictions (sec 19AA).\n- Provides investor protections in favour of counterparties dealing with the Corporation: persons need not inquire into application of funds or whether a document was in fact within the Corporation’s powers where it appears duly authorised (sec 36).\n\nWhat the Act says it aims to do (official purpose-claims)\n\n- The Act states the Corporation’s objectives are to act as a financial institution for statutory bodies and the State, to enhance the financial position of the Corporation, statutory bodies and the State, and to enter financial arrangements for advancing the State’s financial interests or development (sec 16).\n\nTesting those purpose-claims against mechanics, incentives and trade-offs (source-grounded)\n\n- Who pays / who bears risk: The Act makes all profits of the Corporation accrue to the consolidated fund and assigns losses to the consolidated fund unless the Governor in Council provides otherwise (sec 15). Guarantees given by the Treasurer (statutory or discretionary) are payable from the consolidated fund (secs 32–34). Mechanism: counterparties benefit from a Treasurer guarantee; the public consolidated fund is where the fiscal cost or loss falls (secs 32–34, 15).\n\n- How private actors, statutory bodies and markets are affected: The Corporation can centralise borrowing, lending and investments for statutory bodies (secs 17, 19, 20). Statutory bodies can borrow from or use the Corporation as agent; in some cases those bodies need not obtain separate Governor in Council approval when dealing with the Corporation (sec 19(5)). Mechanism: this centralisation changes the counterparty for market actors (they deal with the Corporation rather than many separate statutory issuers) and may change credit arrangements and market access (secs 17–20, 29). The Act also protects counterparties from needing to investigate internal authorisations (sec 36), lowering counterparties’ due-diligence burden.\n\n- Incentives and contingent liabilities: Because the Treasurer’s guarantee (statutory or discretionary) can make the State ultimately liable (secs 32–34) and the Corporation may enter absolute covenants enforceable regardless of other laws (sec 24), counterparties obtain strong enforceable claims, while the State retains contingent fiscal exposure. The availability of guarantees and the ability to charge income/revenue and issue securities (secs 25, 29–34) create mechanisms that can concentrate benefit to contracted creditors while dispersing costs to the consolidated fund.\n\n- Transfer and use of dedicated funds: The debt-assumption power lets the Corporation require transfer of sinking-fund amounts and, after transfer, to hold and apply those funds free of prior restrictions (sec 19AA). Mechanism: funds that were ring‑fenced for servicing a particular body’s debt become available to the Corporation for purposes it considers fit within 14 days of notice (sec 19AA(2)–(4)). This changes who controls those funds and the permissible uses.\n\n- Contract freedom and enforceability: The Act permits broad contractual terms — including advance-payment obligations, non-termination clauses even for force majeure, and waivers of immunity — to operate notwithstanding other law (sec 24). Mechanism: contracts created by or with the Corporation can be structured to be highly binding and less susceptible to legal interruption (sec 24).\n\n- Administrative discretion and oversight: Governor in Council and the Treasurer have several pre-entry controls (limits and conditions on individual investments or arrangements; approval of guarantees) but the Corporation also has broad delegation powers that may be made irrevocable and that can remove supervision while in force (secs 14, 18(3), 19(3), 20(2), 21(3), 33). Mechanism: a mix of ex ante controls (Governor in Council limits) and delegated operational autonomy (irrevocable delegations and limited supervision) shapes implementation risk and lines of accountability (secs 14, 18–21, 33).\n\n- Compliance burdens and administrative costs: Statutory bodies and other persons may face new or different compliance steps when entering arrangements with the Corporation. Examples in the Act: transfers under debt-assumption must occur within 14 days of notice (sec 19AA(3)); the Treasurer may require specific security as a condition of a guarantee and failing to take or preserve that security voids the guarantee ab initio (sec 35). Mechanism: these provisions impose operational and legal conditions on counterparties (secs 19AA, 35).\n\n- Effects on competition, ownership and enterprise: The Corporation may promote, incorporate or form companies or joint ventures and may enter commercial transactions and hold shares and property (sec 22). Mechanism: the Corporation can compete in markets, acquire assets or act as principal or partner, and so may operate alongside private entities in lending, investing, ownership and project participation (sec 22).\n\n- Investor-facing protections and evidentiary rules: Persons dealing with the Corporation may rely on instruments that appear properly executed; such appearance is conclusive evidence of authority and compliance with the Act (sec 36). Mechanism: this reduces counterparty transaction costs and legal uncertainty (sec 36).\n\nConcrete points of concentrated benefit, discretion and compliance cost (source-cited)\n\n- Concentrated benefit: Creditors and holders of Corporation-issued securities obtain enforceable claims and, often, Treasurer guarantees (secs 29, 32–33).\n- Diffuse cost: The consolidated fund bears net fiscal outcomes — profits accrue to it but losses and guarantee payments are also charged to it (secs 15, 32–34).\n- Discretion and potential implementation risk: Governor in Council may impose pre-entry limits or conditions but delegation powers (including irrevocable delegations and limits on supervision) allow operational decision-making to be transferred away from the Corporation itself (secs 14, 18(3), 19(3), 20(2), 21(3)).\n- Compliance burden and operational timing risks: Debt-assumption transfers must occur within 14 days of notice (sec 19AA(3)); guarantees can be made conditional on security and failure to comply voids the guarantee ab initio (sec 35).\n\nBottom line (neutral, mechanical summary)\n\n- The Act creates and preserves Queensland Treasury Corporation as a central financial vehicle for the State and statutory bodies, equips it with broad borrowing, lending, investment and contracting powers, and provides both statutory and discretionary State guarantees backed by the consolidated fund (secs 5–6, 16–22, 24, 29–35). It shifts certain decision points to the Treasurer and Governor in Council (secs 5, 18(3), 19(3), 20(2), 21(3), 33) while enabling expansive delegation and contract enforceability for the Corporation and its affiliates (secs 14, 24). The immediate mechanical effects are to centralise counterparties for public-sector finance, enable strong contractual commitments enforceable against the Corporation, and place the consolidated fund as the ultimate fiscal backstop (secs 17–21, 24, 29–35)."}},"importantCases":[],"_links":{"self":"/api/acts/queensland-treasury-corporation-act-1988","history":"/api/acts/queensland-treasury-corporation-act-1988/history","analysis":"/api/acts/queensland-treasury-corporation-act-1988/analysis","conflicts":"/api/acts/queensland-treasury-corporation-act-1988/conflicts","importantCases":"/api/acts/queensland-treasury-corporation-act-1988/important-cases","documents":"/api/acts/queensland-treasury-corporation-act-1988/documents"}}