{"id":"nsw:act-1983-075","name":"Treasury Corporation Act 1983","slug":"treasury-corporation-act-1983","collection":"act","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"75 of 1983","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107801,"registerId":"nsw-act-1983-075-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of Act","content":"#### 1 Name of Act\n\n1 Name of Act\n\n> This Act may be cited as the [Treasury Corporation Act 1983](/view/html/inforce/current/act-1983-075).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n2 Commencement\n\n> > (1) Sections 1 and 2 shall commence on the date of assent to this Act.\n> \n> > (2) Except as provided by subsection (1), this Act shall commence on such day as may be appointed by the Governor in respect thereof and as may be notified by proclamation published in the Gazette.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Definitions","content":"#### 3 Definitions\n\n3 Definitions\n\n> > (1) In this Act, except in so far as the context or subject-matter otherwise indicates or requires:\n> > \n> > Board means the board of directors of the Corporation.\n> > \n> > borrowing has the same meaning as in the funding Act.\n> > \n> > Chairperson means the Chairperson of the Board.\n> > \n> > Chief Executive means the Chief Executive of the Corporation appointed under this Act.\n> > \n> > Corporation means the New South Wales Treasury Corporation constituted by section 4.\n> > \n> > council means a council within the meaning of the [Local Government Act 1993](/view/html/inforce/current/act-1993-030), and includes any other local government authority prescribed by the regulations.\n> > \n> > Deputy Chairperson means the Deputy Chairperson of the Board.\n> > \n> > derivative arrangement has the same meaning as in the funding Act.\n> > \n> > function includes power and duty.\n> > \n> > funding Act means the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055).\n> > \n> > Government means the Crown in right of New South Wales.\n> > \n> > public authority means an authority within the meaning of the funding Act, other than the New South Wales Treasury Corporation, and includes a council.\n> \n> > (2) In this Act, a reference to the performance of a function includes, where the function is a power or duty, a reference to the exercise of the power or performance of the duty.\n> \n> > (3) (Repealed)\n> \n> > (4) Notes in this Act do not form part of this Act.\n> \n> **s 3:** Am 1987 No 34, Sch 1; 1987 No 225, Sch 1 (1); 1988 No 79, Sch 1 (1); 1991 No 50, Sch 1 (2); 1992 No 34, Sch 1; 1997 No 152, Sch 4.42 \\[1\\]; 2000 No 45, Sch 2.2 \\[1\\]–\\[3\\]; 2018 No 70, Sch 3.63 \\[1\\]–\\[4\\].","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"New South Wales Treasury Corporation","content":"#### 4 New South Wales Treasury Corporation\n\n4 New South Wales Treasury Corporation\n\n> > (1) There is hereby constituted a corporation with the corporate name “New South Wales Treasury Corporation”.\n> \n> > (2) The policies of the Corporation shall be as determined by the Board.\n> \n> > (3) The affairs of the Corporation shall be managed by the Chief Executive in accordance with such policies as may be determined by, and such directions as may be given by, the Board.\n> \n> > (4) Any act, matter or thing done in the name of, or on behalf of, the Corporation by the Chief Executive, or with the authority of the Chief Executive, shall be taken to have been done by the Corporation.\n> \n> > (5) The Corporation is subject to the control and direction of the Treasurer.\n> \n> > (6) If the Corporation is of the opinion that compliance with a direction given under subsection (5) is likely to have a significantly adverse effect on the performance by the Corporation of its functions:\n> > \n> > > (a) the Corporation may request the Treasurer to review the direction, and\n> > \n> > > (b) if the Corporation is of the same opinion after the direction has been reviewed, the Corporation must include particulars of the direction, and of its opinion as to the effect of compliance with the direction, in the annual reporting information prepared for it under the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055).\n> \n> > (7) A direction given by the Treasurer under subsection (5) does not cease to have effect merely because a request has been made for a review of the direction under subsection (6).\n> \n> > (8) In the event of an inconsistency between a direction given by the Treasurer and a direction given by the Board, the direction given by the Treasurer prevails to the extent of the inconsistency.\n> \n> > (9) Any act, matter or thing done by the Chief Executive may not be called into question, by any person transacting any business or otherwise dealing with the Corporation, because of a contravention of any direction under this section.\n> \n> > (10) The Corporation may employ staff. The provisions of the [Government Sector Employment Act 2013](/view/html/inforce/current/act-2013-040) relating to the employment of Public Service employees do not apply to the staff employed by the Corporation.\n> \n> > (11) The Corporation is not a government agency for the purposes of Part 11 of the [Public Works and Procurement Act 1912](/view/html/inforce/current/act-1912-045).\n> \n> **s 4:** Am 1987 No 48, Sch 32; 1987 No 225, Sch 1 (2); 1988 No 79, Sch 1 (2); 2006 No 2, Sch 4.76 \\[1\\]; 2014 No 33, Sch 3.33 \\[1\\]; 2018 No 68, Sch 1.22 \\[1\\]; 2018 No 70, Sch 3.63 \\[5\\].","sortOrder":3},{"sectionNumber":"4A","sectionType":"section","heading":"Establishment of Board","content":"#### 4A Establishment of Board\n\n4A Establishment of Board\n\n> > (1) There is constituted by this Act a board of directors of the Corporation.\n> \n> > (2) The Board is to consist of the following:\n> > \n> > > (a) the Chief Executive,\n> > \n> > > (b) the Secretary of the Treasury (or an officer of the Treasury nominated for the time being by the Secretary of the Treasury to represent the Secretary),\n> > \n> > > (c) another officer of the Treasury (if any) nominated for the time being by the Secretary of the Treasury to represent the Treasury,\n> > \n> > > (d) not fewer than 3 and not more than 7 persons appointed by the Treasurer who, in the opinion of the Treasurer, have expertise that is relevant to the functions exercisable by the Corporation.\n> \n> > (3) The Secretary of the Treasury is, by an instrument of appointment or a subsequent instrument, to appoint one of the members of the Board to be the Chairperson and one to be the Deputy Chairperson of the Board.\n> \n> > (3A) The Secretary of the Treasury is to consult with the Treasurer before appointing a director referred to in subsection (2) (d) as Chairperson or Deputy Chairperson of the Board.\n> \n> > (4) Schedules 3 and 4 have effect with respect to the members and procedure of the Board.\n> \n> **s 4A:** Ins 1987 No 225, Sch 1 (3). Subst 1988 No 79, Sch 1 (3). Am 1989 No 180, Sch 1 (1); 2015 No 52, Sch 1 \\[1\\].","sortOrder":4},{"sectionNumber":"4AA","sectionType":"section","heading":"Functions of Board","content":"#### 4AA Functions of Board\n\n4AA Functions of Board\n\n> The functions of the Board are:\n> \n> > (a) to determine the policies of, and give directions to the Chief Executive in connection with the management of the affairs of, the Corporation, and\n> \n> > (b) to determine, with the concurrence of the Treasurer, the remuneration (including travelling and subsistence allowances) that the Chief Executive is entitled to be paid, and\n> \n> > (c) to perform such other functions as may be conferred or imposed on the Board by or under this or any other Act or law.\n> \n> **s 4AA:** Ins 1988 No 79, Sch 1 (3).","sortOrder":5},{"sectionNumber":"4B","sectionType":"section","heading":"Appointment of Chief Executive","content":"#### 4B Appointment of Chief Executive\n\n4B Appointment of Chief Executive\n\n> > (1) The Treasurer may, on the recommendation of the Board, appoint a person as the Chief Executive of the Corporation.\n> \n> > (2) Schedule 1 has effect with respect to the Chief Executive.\n> \n> **s 4B:** Ins 1987 No 225, Sch 1 (3). Am 2015 No 52, Sch 1 \\[2\\].","sortOrder":6},{"sectionNumber":"4C","sectionType":"section","heading":"Committees of the Board","content":"#### 4C Committees of the Board\n\n4C Committees of the Board\n\n> > (1) The Board may establish committees to assist it in connection with the exercise of any of its functions.\n> \n> > (2) A committee of the Board must be chaired by a member of the Board. It does not matter that some or all of the other members of a committee are not members of the Board.\n> \n> > (3) The procedure for the calling of meetings of a committee and for the conduct of business at those meetings is to be as determined by the Board or (subject to any determination of the Board) by the committee.\n> \n> > (4) The Board may delegate to a committee any of the functions of the Board, other than this power of delegation.\n> \n> **s 4C:** Ins 1987 No 225, Sch 1 (3). Am 1991 No 96, Sch 6; 1996 No 39, Sch 4. Rep 2006 No 2, Sch 4.76 \\[2\\]. Ins 2015 No 52, Sch 1 \\[3\\].","sortOrder":7},{"sectionNumber":"5","sectionType":"section","heading":"Objects of the Corporation","content":"#### 5 Objects of the Corporation\n\n5 Objects of the Corporation\n\n> > (1) The principal object of the Corporation is to provide financial services for or for the benefit of the Government, public authorities and other public bodies.\n> \n> > (2) The Corporation has such other objects as may be provided for by or under any other Act.\n> \n> **s 5:** Am 1987 No 225, Sch 1 (4); 1988 No 79, Sch 1 (4); 1989 No 180, Sch 1 (2); 1991 No 50, Sch 1 (3); 1992 No 34, Sch 1. Subst 1992 No 113, Sch 1 (1).","sortOrder":8},{"sectionNumber":"6","sectionType":"section","heading":"Powers etc of the Corporation","content":"#### 6 Powers etc of the Corporation\n\n6 Powers etc of the Corporation\n\n> The Corporation has, for the purpose of pursuing its objects (both within and outside the State), the same legal capacity, powers and authorities as a company under the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth.\n> \n> **s 6:** Am 1987 No 225, Sch 1 (5); 1991 No 50, Sch 1 (4). Subst 1992 No 113, Sch 1 (1). Am 2001 No 34, Sch 4.69.","sortOrder":9},{"sectionNumber":"6A","sectionType":"section","heading":"Examples of activities in which the Corporation can engage","content":"#### 6A Examples of activities in which the Corporation can engage\n\n6A Examples of activities in which the Corporation can engage\n\n> > (1) The activities in which the Corporation can engage include the following:\n> > \n> > > (a) it can provide the Government, a public authority or any other public body with borrowings on such terms and conditions as the Corporation considers appropriate,\n> > \n> > > (b) it can act as agent for the Government, a public authority or any other public body in obtaining borrowings, effecting a derivative arrangement or entering into a joint financing arrangement under the funding Act or any other Act,\n> > \n> > > (c) it can appoint and employ a person (including a public authority or other public body) as agent for the purpose of exercising any power of the Corporation,\n> > \n> > > (d) it can by agreement with the Government assume any liability incurred by the Government in relation to finance obtained by the Government,\n> > \n> > > (e) it can invest funds of or under the control of the Corporation,\n> > \n> > > (f) it can require the Government, a public authority or any other public body to pay to the Corporation such fees as the Corporation considers appropriate for the performance of its functions,\n> > \n> > > (g) it can assume the responsibility of the Government, a public authority or any other public body for the administration of any matter relating to borrowings, derivative arrangements or joint financing arrangements,\n> > \n> > > (h) it can accept money for investment from the Government and from public authorities and other public bodies,\n> > \n> > > (i) it can aggregate or divide, in such manner as it considers appropriate, any funds obtained by it for the purpose of providing borrowings to the Government, public authorities and other public bodies,\n> > \n> > > (j) it can redeem any securities issued by the Corporation and hold, cancel or re-issue any such securities,\n> > \n> > > (k) it can manage the liabilities and assets of the Corporation having regard to current situations and possible eventualities,\n> > \n> > > (l) it can carry out, participate in, and give advice concerning, the management of the liabilities and assets of the Government, public authorities and other public bodies,\n> > \n> > > (m) it can enter into a contract of guarantee,\n> > \n> > > (n) it can do anything that may be necessary or convenient to be done for the purpose of pursuing its objects.\n> \n> > (2) This section is not to be read as in any way limiting the functions of the Corporation.\n> \n> **s 6A:** Ins 1992 No 113, Sch 1 (1). Am 2018 No 70, Sch 3.63 \\[6\\] \\[7\\].","sortOrder":10},{"sectionNumber":"6B","sectionType":"section","heading":"Limitations on powers","content":"#### 6B Limitations on powers\n\n6B Limitations on powers\n\n> > (1) The Corporation is not to invest funds of or under the control of the Corporation except:\n> > \n> > > (a) if the Corporation is a GSF agency for the purposes of Part 6 of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055)—in any way that the Corporation is permitted to invest money under that Part, or\n> > \n> > > (b) if the Corporation is not a GSF agency for the purposes of Part 6 of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055)—in any way approved by the Treasurer.\n> \n> > (2) The regulations may make provision for or with respect to the manner in which the Corporation is to assume the responsibility of the Government, a public authority or other public body for the administration of any matter relating to borrowings obtained.\n> \n> > (3) The Corporation is not to enter into a contract of guarantee except on such terms and conditions as are approved by the Treasurer.\n> \n> > (4) (Repealed)\n> \n> > (5) The Corporation is not to act as agent for a public authority or other public body in obtaining borrowings under the funding Act or any other Act when the borrowings are obtained from the Corporation.\n> \n> **s 6B:** Ins 1992 No 113, Sch 1 (1). Am 2018 No 68, Sch 1.22 \\[2\\]; 2018 No 70, Sch 3.63 \\[6\\] \\[8\\] \\[9\\].","sortOrder":11},{"sectionNumber":"7","sectionType":"section","heading":"Obligations of public authorities","content":"#### 7 Obligations of public authorities\n\n7 Obligations of public authorities\n\n> > (1) Where the Corporation assumes the responsibility of a public authority or other public body for the administration of any matter relating to borrowings obtained by the public authority or other public body, any payment required to be made under the terms and conditions of which the borrowings were provided shall be made by the Corporation to the person entitled thereto and such a payment by the Corporation operates as a discharge of the obligation of the public authority to make the payment to that person.\n> \n> > (2) A public authority shall keep the Corporation supplied with funds to the extent necessary to provide for the making of payments under subsection (1) on behalf of the public authority as they fall due.\n> \n> > (3) A failure by a public authority to make a payment in compliance with a condition upon which particular borrowings were obtained by it from the Corporation may, if the Treasurer approves, be treated by the Corporation as if it were a like failure in relation to all other current borrowings provided to the public authority by the Corporation.\n> \n> **s 7:** Am 1992 No 113, Sch 1 (2); 2018 No 70, Sch 3.63 \\[6\\] \\[10\\] \\[11\\].","sortOrder":12},{"sectionNumber":"8","sectionType":"section","heading":"Powers of public authorities","content":"#### 8 Powers of public authorities\n\n8 Powers of public authorities\n\n> Notwithstanding anything in any other Act:\n> \n> > (a) the Government and any public authority or other public body may deposit money with the Corporation for investment (subject to section 6B (1)), and\n> \n> > (b) the Government and any public authority or other public body may participate with the Corporation in, or authorise the Corporation to carry out, the management of the liabilities and assets of the Government or of the public authority or other public body, as the case may be, and\n> \n> > (c) the Government and any public authority or other public body may appoint the Corporation to act as agent for it for any purpose.\n> \n> **s 8:** Subst 1988 No 79, Sch 1 (5). Am 1991 No 50, Sch 1 (5); 1992 No 113, Sch 1 (3); 1993 No 108, Sch 2.","sortOrder":13},{"sectionNumber":"9","sectionType":"section","heading":"Provision of borrowings from Corporation","content":"#### 9 Provision of borrowings from Corporation\n\n9 Provision of borrowings from Corporation\n\n> \\* \\* \\* \\* \\*\n> \n> Note—\n> \n> Section 6.24 of the funding Act provides that, subject to certain exceptions, borrowings for GSF agencies under Part 6 of that Act (which include Ministers other than the Treasurer) must be obtained from the Corporation.\n> \n> **s 9:** Am 1987 No 34, Sch 1; 1987 No 225, Sch 1 (6). Subst 2000 No 45, Sch 2.2 \\[4\\]. Am 2018 No 70, Sch 3.63 \\[12\\].","sortOrder":14},{"sectionNumber":"9A","sectionType":"section","heading":"Provision of borrowings to councils","content":"#### 9A Provision of borrowings to councils\n\n9A Provision of borrowings to councils\n\n> > (1) A council is not required or authorised to obtain borrowings from the Corporation during any period unless:\n> > \n> > > (a) the council has requested the Corporation to obtain borrowings for the council during that period, and\n> > \n> > > (b) the Corporation has approved of the request.\n> \n> > (2) Any such request must be made by notice in writing to the Corporation.\n> \n> > (3) Section 6.29 (Guarantee fees for certain guaranteed payments) of the funding Act applies to a council in respect of borrowings obtained by the Corporation for the council in the same way as it applies to a GSF agency.\n> \n> > (4) (Repealed)\n> \n> > (5) A council that is required to obtain borrowings from the Corporation during any period is not prohibited from obtaining additional borrowings, otherwise than from the Corporation, during the same period.\n> \n> > (6) Despite this section, if a council has obtained borrowings from the Corporation, the borrowings are taken to have been validly obtained, and payments in respect of the borrowings are to be made in accordance with the agreement or the purported agreement under which the borrowings have been obtained. This is despite any provision of the [Local Government Act 1993](/view/html/inforce/current/act-1993-030) or any deficiency in any condition precedent to, or in any procedure in, any deliberation, request, application or decision relating to the borrowings.\n> \n> **s 9A:** Ins 1987 No 225, Sch 1 (7). Am 1988 No 79, Sch 1 (6); 1991 No 50, Sch 1 (6); 1997 No 152, Sch 4.42 \\[2\\] \\[3\\]; 2018 No 70, Sch 3.63 \\[6\\] \\[13\\] \\[14\\].","sortOrder":15},{"sectionNumber":"9B","sectionType":"section","heading":"Special powers of the Corporation","content":"#### 9B Special powers of the Corporation\n\n9B Special powers of the Corporation\n\n> > (1) The Corporation has power to impose conditions relating to the provision by it of borrowings, the management by it of borrowings provided by it and the repayment of borrowings provided by it. Such a condition can be imposed before or after the borrowings are provided.\n> \n> > (2) The Corporation has power to replace securities and other like instruments evidencing borrowings that have been issued by the Government, a public authority or another public body with securities or other like instruments issued by the Government or the Corporation, subject to the following:\n> > \n> > > (a) the Corporation is not authorised to replace securities or other like instruments if the holder objects (in the manner required by the regulations) to the exchange,\n> > \n> > > (b) the terms and conditions on which securities and other like instruments can be replaced under this section are the terms and conditions determined by the Treasurer.\n> \n> > (3) The Corporation is empowered to act on behalf of, or as agent for, the Government in the negotiation, entering into and carrying out of any agreement to obtain finance.\n> \n> > (4) This section is not to be read as limiting the powers of the Corporation.\n> \n> **s 9B:** Ins 1992 No 113, Sch 1 (4). Am 2018 No 70, Sch 3.63 \\[6\\] \\[15\\].","sortOrder":16},{"sectionNumber":"10","sectionType":"section","heading":"Delegation","content":"#### 10 Delegation\n\n10 Delegation\n\n> > (1) The Corporation may delegate to a person any of its functions, other than this power of delegation.\n> \n> > (2) Section 49 of the [Interpretation Act 1987](/view/html/inforce/current/act-1987-015) applies to a delegation under this section.\n> \n> **s 10:** Subst 1987 No 225, Sch 1 (8).","sortOrder":17},{"sectionNumber":"11","sectionType":"section","heading":"Protection of persons having dealings with the Corporation","content":"#### 11 Protection of persons having dealings with the Corporation\n\n11 Protection of persons having dealings with the Corporation\n\n> > (1) The purpose of this section is to give protection to a person having dealings with the Corporation.\n> \n> > (2) An act of the Corporation is not invalid merely because it is not in pursuance of the objects of the Corporation.\n> \n> > (3) The performance of a function by the Corporation is not invalid merely because it is performed contrary to a restriction or prohibition imposed by or under this or any other Act.\n> \n> > (4) A person who has dealings with the Corporation is entitled to make the following assumptions in relation to those dealings:\n> > \n> > > (a) that the Corporation has power to have the dealings with the person,\n> > \n> > > (b) that the dealings are in pursuance of the objects of the Corporation,\n> > \n> > > (c) that the Corporation is acting in compliance with this Act and the funding Act.\n> \n> > (5) No actual or constructive notice that any of those assumptions is incorrect prevents a person from making those assumptions.\n> \n> > (6) In any proceedings in relation to dealings that a person has with the Corporation, an assertion by the Corporation or any other person (except the person who has those dealings) that an assumption made under this section is incorrect is to be disregarded.\n> \n> **s 11:** Rep 1987 No 225, Sch 1 (9). Ins 1992 No 113, Sch 1 (5).","sortOrder":18},{"sectionNumber":"11A","sectionType":"section","heading":"Corporation not liable for duty","content":"#### 11A Corporation not liable for duty\n\n11A Corporation not liable for duty\n\n> The Corporation is not liable to pay stamp duty under the [Stamp Duties Act 1920](/view/html/repealed/current/act-1920-047) or duty under the [Duties Act 1997](/view/html/inforce/current/act-1997-123).\n> \n> **s 11A:** Ins 1992 No 113, Sch 1 (5). Am 1999 No 31, Sch 2.42.","sortOrder":19},{"sectionNumber":"12","sectionType":"section","heading":"Special provision as to finance obtained by the Government for which Corporation is liable","content":"#### 12 Special provision as to finance obtained by the Government for which Corporation is liable\n\n12 Special provision as to finance obtained by the Government for which Corporation is liable\n\n> Finance which the Government has obtained and in relation to which the Corporation has agreed to assume liability is not to be carried to the Consolidated Fund.\n> \n> **s 12:** Rep 1987 No 225, Sch 1 (10). Ins 1992 No 113, Sch 1 (5).","sortOrder":20},{"sectionNumber":"12A","sectionType":"section","heading":"Seal of Corporation","content":"#### 12A Seal of Corporation\n\n12A Seal of Corporation\n\n> > (1) The Corporation shall have a seal which may be affixed by the Chief Executive or by a person authorised by the Chief Executive to affix the seal either generally or in a particular case or class of cases.\n> \n> > (2) The Chief Executive or person so authorised shall attest by his or her signature to the fact of the affixing of the seal.\n> \n> > (3) Every document requiring authentication by the Corporation may be sufficiently authenticated without the seal of the Corporation if it is signed by the Chief Executive or by a person authorised to do so by the Chief Executive.\n> \n> **s 12A:** Ins 1987 No 225, Sch 1 (11).","sortOrder":21},{"sectionNumber":"13","sectionType":"section","heading":"Regulations","content":"#### 13 Regulations\n\n13 Regulations\n\n> > (1) The Governor may make regulations, not inconsistent with this Act, for or with respect to any matter that by this Act is required or permitted to be prescribed or that is necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n> \n> > (2) A provision of a regulation may:\n> > \n> > > (a) apply generally or be limited in its application by reference to specified exceptions or factors,\n> > \n> > > (b) apply differently according to different factors of a specified kind, or\n> > \n> > > (c) authorise any matter or thing to be from time to time determined, applied or regulated by a specified person,\n> > \n> > or may do any of those things.","sortOrder":22},{"sectionNumber":"13A","sectionType":"section","heading":"Prudential standards or reporting and auditing requirements","content":"#### 13A Prudential standards or reporting and auditing requirements\n\n13A Prudential standards or reporting and auditing requirements\n\n> > (1) The Minister may, by order published in the Gazette, declare that prudential standards, or reporting and auditing requirements, specified or described in the order are standards or requirements that apply to the Corporation in the exercise of functions of the Corporation described in the order.\n> \n> > (2) Before making an order under this section, the Minister is to consult the Corporation on the proposed standards or requirements.\n> \n> > (3) An order under this section takes effect on the day specified in the order.\n> \n> > (4) The Corporation must comply with any prudential standard or reporting or auditing requirement applying to it by an order under this section.\n> \n> **s 13A:** Ins 2015 No 52, Sch 1 \\[4\\].","sortOrder":23},{"sectionNumber":"14","sectionType":"section","heading":"Saving","content":"#### 14 Saving\n\n14 Saving\n\n> Section 5 of the [Treasury Corporation (Amendment) Act 1987](/view/pdf/asmade/act-1987-225) continues in force despite the repeal of that Act by the [Statute Law (Miscellaneous Provisions) Act (No 2) 2003](/view/html/repealed/current/act-2003-082).\n> \n> **s 14:** Ins 2003 No 82, Sch 2.31.","sortOrder":24},{"sectionNumber":"Schedule 1","sectionType":"schedule","heading":"The Chief Executive","content":"# Schedule 1 The Chief Executive\n\nSchedule 1 The Chief Executive\n\n(Section 4B (2))\n\n**sch 1:** Ins 1987 No 225, Sch 1 (12). Am 1988 No 79, Sch 1 (7); 1991 No 17, Sch 1; 1999 No 94, sec 7 (3) and Sch 5, Part 3; 2009 No 49, Sch 2.58 \\[1\\]; 2014 No 33, Sch 3.33 \\[2\\]; 2015 No 52, Sch 1 \\[5\\]–\\[8\\].","sortOrder":25},{"sectionNumber":"Schedule 2","sectionType":"schedule","heading":null,"content":"# Schedule 2\n\nSchedule 2 (Repealed)\n\n**sch 2:** Ins 1987 No 225, Sch 1 (12). Am 1988 No 79, Sch 1 (8); 1991 No 17, Sch 1; 2004 No 114, Sch 2.24. Rep 2006 No 2, Sch 4.76 \\[3\\].","sortOrder":34},{"sectionNumber":"Schedule 3","sectionType":"schedule","heading":"Provisions relating to the members of the Board","content":"# Schedule 3 Provisions relating to the members of the Board\n\nSchedule 3 Provisions relating to the members of the Board\n\n(Section 4A (4))\n\n**sch 3:** Ins 1988 No 79, Sch 1 (9). Am 1991 No 17, Sch 1; 1999 No 94, sec 7 (2) and Sch 5, Part 2; 2009 No 49, Sch 2.58 \\[2\\]; 2014 No 33, Sch 3.33 \\[3\\]; 2015 No 52, Sch 1 \\[9\\]–\\[11\\].","sortOrder":35},{"sectionNumber":"Schedule 4","sectionType":"schedule","heading":"Provisions relating to the procedure of the Board","content":"# Schedule 4 Provisions relating to the procedure of the Board\n\nSchedule 4 Provisions relating to the procedure of the Board\n\n(Section 4A (4))\n\n**sch 4:** Ins 1988 No 79, Sch 1 (9). Am 2015 No 52, Sch 1 \\[12\\].","sortOrder":46},{"sectionNumber":"Schedule 5","sectionType":"schedule","heading":"Savings, transitional and other provisions","content":"# Schedule 5 Savings, transitional and other provisions\n\nSchedule 5 Savings, transitional and other provisions\n\n**sch 5:** Ins 2015 No 52, Sch 1 \\[13\\].","sortOrder":53},{"sectionNumber":"Part 1","sectionType":"part","heading":"General","content":"# Part 1 General\n\nPart 1 General","sortOrder":54},{"sectionNumber":"Part 2","sectionType":"part","heading":"Provisions consequent on enactment of Treasury Corporation Amendment Act 2015","content":"# Part 2 Provisions consequent on enactment of Treasury Corporation Amendment Act 2015\n\nPart 2 Provisions consequent on enactment of [Treasury Corporation Amendment Act 2015](/view/html/repealed/current/act-2015-052)","sortOrder":56}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":true,"description":"The legislation has expanded significantly from its original 1983 purpose. Initially focused primarily on centralised borrowing for the government, it has grown to encompass: investment management (originally restricted, now expanded with prudential frameworks); derivative arrangements and complex financial instruments; acting as agent for joint financing arrangements; management of third-party liabilities and assets; and detailed governance structures (Board, committees, Chief Executive) that resemble a financial institution rather than a simple borrowing vehicle. The 2015 amendments further professionalised the governance structure, and the 2018 amendments integrated it with the new Government Sector Finance Act framework, showing continuous scope creep into broader financial services."},"complexity_factors":["Multiple cross-references to other Acts (Government Sector Finance Act 2018, Corporations Act 2001, Local Government Act 1993, Government Sector Employment Act 2013)","Nested governance structure with overlapping powers between Board, Chief Executive, and Treasurer (including override provisions in s 4(5)-(8))","Conditional investment limitations in s 6B requiring status checks against the funding Act","Detailed procedural schedules (Schedules 1-4) covering appointment, removal, disclosure, and meeting procedures","Specific carve-outs and exemptions (e.g., not a government agency for procurement purposes, exempt from stamp duty, staff not covered by Public Service employment laws)","Protective provisions in s 11 creating statutory assumptions for third parties with multiple sub-clauses"],"plain_english_summary":"**What this law does:**\n\nThis Act creates and governs the **New South Wales Treasury Corporation** (often called \"TCorp\"), which is the NSW Government's central borrowing and financial management agency.\n\n**Key points:**\n\n*   **Creates a corporation:** It establishes TCorp as a legal entity with the same powers as a company under Commonwealth corporations law, allowing it to borrow money, invest funds, enter contracts, and provide financial services.\n*   **Purpose:** TCorp's main job is to provide **financial services** — especially borrowing money (loans) — for the NSW Government, government agencies, local councils, and other public bodies. It helps the government get better interest rates by borrowing in bulk and managing debt centrally.\n*   **Structure:** The Act sets up a **Board of Directors** (including the Chief Executive, Treasury officials, and independent experts appointed by the Treasurer) to set policy, and a **Chief Executive** to run day-to-day operations. The Treasurer has ultimate control and can give directions to the Corporation.\n*   **What it can do:** TCorp can lend money to government bodies, manage investments, act as an agent for government borrowing, charge fees for its services, and even guarantee financial obligations (with Treasurer approval).\n*   **Protections:** People who deal with TCorp (like banks or investors) are protected — they can assume TCorp has the power to enter into deals, even if technically it might be acting outside its strict rules.\n*   **Who it affects:** Primarily NSW Government agencies, local councils, and public authorities who need to borrow money or manage financial assets. It also affects financial markets and investors who deal with NSW government debt.\n\n**Why it matters:**\n\nThis Act is crucial to how NSW funds its schools, hospitals, roads, and other infrastructure. By centralising borrowing through TCorp, the government can secure cheaper finance than if each agency borrowed separately. It also ensures professional management of the state's multi-billion dollar debt portfolio and investments."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"Yes. Amendments and inserted provisions have broadened the Corporation’s transactional and delegated powers (eg, expanded lending, agency and liability‑assumption powers in s 6A and s 9B), introduced a specific regime for council borrowings and validations (s 9A), and added ministerial prudential and reporting powers (s 13A). The Treasurer’s supervisory and directive role has been clarified and reinforced (s 4(5)–(8)), shifting governance and compliance responsibilities."},"complexity_factors":["Extensive cross‑references to the funding Act/Government Sector Finance Act for definitions and borrowing rules (s 3; note to s 9; s 6B).","Strong executive control and override by the Treasurer with review mechanics (s 4(5)–(8)).","Statutory board composition, appointment and removal rules with procedural schedules (s 4A; Schedule 3 & 4).","Wide transactional powers to lend, act as agent, assume liabilities, invest and issue securities (s 6; s 6A; s 9B).","Statutory limits and approvals required for investments and guarantees, creating conditional discretion (s 6B(1), (3)).","Protections for third parties dealing with the Corporation and non‑invalidity clauses that affect dispute risk (s 11).","Ministerial power to impose prudential standards and reporting/auditing requirements (s 13A) increasing compliance obligations.","Exemptions from Public Service employment rules and from stamp/duty obligations affecting governance and operating costs (s 4(10); s 11A).","Delegation regime and committee delegation rules that spread decision‑making (s 10; s 4C).","Special council borrowing regime with consent/approval mechanics and validation of past transactions (s 9A)."],"plain_english_summary":"This Act creates the New South Wales Treasury Corporation, establishes its board and Chief Executive, and gives it corporate capacity to provide and manage borrowings, act as agent for government bodies, invest and issue securities (ss 4, 4A, 6, 6A). The Treasurer retains control and may direct the Corporation (s 4(5)).\n\nGovernment agencies, public authorities and councils can borrow from or deposit with the Corporation and must supply funds for payments the Corporation makes on their behalf; the Corporation may charge fees and must comply with prudential and reporting orders made by the Minister (ss 7, 8, 6A(f), 13A)."},"issue_detection":{"absurdities":[],"contradictions":[]},"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"},"summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"Based on the amendment history (11 versions since 2000), the Act has clearly evolved significantly from its 1983 origins. A 1983 central borrowing authority would originally have operated in a pre-deregulation financial environment. Subsequent amendments likely expanded its powers to deal with modern financial instruments, derivatives, and a broader range of government clients including state-owned corporations — reflecting the significant changes in Australian financial markets over four decades."},"complexity_factors":["Involves specialised public finance and capital markets concepts (bonds, borrowing authorities, financial instruments)","Operates at the intersection of government law, corporate law, and financial regulation","Has been amended at least 11 times since 2000, suggesting layers of accumulated changes","Interacts with broader NSW financial legislation framework (e.g., Interpretation Act 1987, Administrative Arrangements Orders)","The actual operative provisions were not provided, limiting full analysis — typical legislation of this type contains complex financial powers and prudential obligations","Responsible to the Treasurer, creating a politically sensitive governance dimension"],"plain_english_summary":"The Treasury Corporation Act 1983 (NSW) establishes the NSW Treasury Corporation as the state’s central borrowing and financial management agency. It lets the Corporation raise funds and borrow on behalf of NSW government agencies and state-owned corporations, centralising debt issuance to secure better terms for public projects. This affects agencies that access funding, investors who buy government debt, and taxpayers because it shapes the cost and efficiency of financing public infrastructure."}},"importantCases":[],"_links":{"self":"/api/acts/treasury-corporation-act-1983","history":"/api/acts/treasury-corporation-act-1983/history","analysis":"/api/acts/treasury-corporation-act-1983/analysis","conflicts":"/api/acts/treasury-corporation-act-1983/conflicts","importantCases":"/api/acts/treasury-corporation-act-1983/important-cases","documents":"/api/acts/treasury-corporation-act-1983/documents"}}