70CGuarantee of borrowings by Corporation

70C Guarantee of borrowings by Corporation

(1) The Finance Minister may, on behalf of the Commonwealth, enter into a contract that: (a) guarantees the repayment of money borrowed under paragraph 70B(1)(a) and the payment of interest on that money; or (b) guarantees the payment of an amount that the Corporation is liable to pay in relation to money raised under paragraph 70B(1)(b). (2) The Finance Minister may determine: (a) that the Commonwealth guarantees the repayment of money borrowed under paragraph 70B(1)(a) and the payment of interest on that money; or (b) guarantees the payment of an amount that the Corporation is liable to pay in relation to money raised under paragraph 70B(1)(b); and, where the Finance Minister makes such a determination, the repayment of that money and the payment of that interest are, or the payment of that money is, by force of this subsection, guaranteed by the Commonwealth. (3) A determination under subsection (2) shall be in writing. (4) The amounts referred to in paragraphs (1)(b) and (2)(b) may be amounts of interest. (5) A contract may be entered into under subsection (1), and a determination may be made under subsection (2), either: (a) in relation to a particular transaction; or (b) in relation to all transactions in a particular class of transactions. (6) A contract entered into under subsection (1) may include a provision agreeing, on behalf of the Commonwealth, that proceedings under the contract may be taken in the courts, or a specified court, of a foreign country. (7) A contract entered into under subsection (1) may include a provision waiving the immunity of the Commonwealth from suit in the courts, or a specified court, of a foreign country in relation to any proceedings under the contract.