56Guarantee of borrowings by Authority

56 Guarantee of borrowings by Authority

(1) The Finance Minister may, on behalf of the Commonwealth, enter into a contract guaranteeing: (a) the performance by the Authority of obligations incurred by it under section 55; or (b) the performance by a company that is a wholly owned subsidiary of the Authority of obligations arising out of a borrowing by the company. (2) If the Finance Minister determines in writing that: (a) obligations incurred by the Authority under section 55; or (b) obligations arising out of a borrowing by a company that is a wholly owned subsidiary of the Authority; are guaranteed by the Commonwealth, the obligations become so guaranteed. (3) A contract under subsection (1) may include: (a) a provision agreeing that proceedings under the contract may be taken in courts of a foreign country; or (b) a provision waiving the immunity of the Commonwealth from suit in courts of a foreign country. (4) For the purposes of this section, a company is a wholly owned subsidiary of the Authority if the company is a subsidiary of the Authority and none of the members of the company is a person other than: (a) the Authority; or (b) a nominee of the Authority; or (c) a subsidiary of the Authority none of whose members is a person other than the Authority or a nominee of the Authority; or (d) a nominee of a subsidiary referred to in paragraph (c).