Version incorporating amendments as at
1 July 2022
table of provisions
Section Page
Part 1—Preliminary 1
1 Purpose 1
2 Commencement 1
3 Definitions 1
3A Application of sections of this Act to authorities 4
Part 2—Borrowing powers 5
Division 1—General 5
4 General borrowing authorisation 5
Division 2—Financial accommodation 5
5 Financial accommodation by way of overdraft in Australia 5
8 Financial accommodation in Australia 6
9 Financial accommodation within or outside Australia 6
10 Financial leases 6
11 Financial arrangements 6
11AA Limited validation of certain financial transactions 7
11AB Assumption of certain obligations and rights 8
Division 3—Guarantees 8
12 Guarantee of overdraft certified by Treasurer 8
13 Statutory guarantee 9
14 Guarantee of financial accommodation 10
14A Guarantee of certain obligations 10
15 Guarantee of financial arrangements 11
16 Appropriation for guarantee 11
17 Assignment and enforcement of guarantees 11
Part 3—Investment powers 13
Division 1—Preliminary 13
19 General investment authorisation 13
Division 2—Investment 13
20 Power to invest moneys 13
20A Limited validation of certain investments 13
21 Trading in investments 14
22 Underwriting 15
Part 4—Consequential amendments and transitional provisions 16
26 Transitional provisions 16
27 Enforcement of guarantees given before commencement of section 17
Part 5—Guarantees etc. for economic development projects 18
28 Definitions 18
29 Treasurer may execute guarantee etc. 19
30 Provisions applying to guarantees etc. under this Part 20
Part 6—General 22
31 Regulations 22
Schedules 23
Endnotes 25
1 General information 25
2 Table of Amendments 27
3 Explanatory details 42
Version No.
Section 1 - Borrowing and Investment Powers Act 1987 - Borrowing and Investment Powers Act 1987 | Zoe
105
Borrowing and Investment Powers Act 1987
No. 13 of 1987
Version incorporating amendments as at
1 July 2022
The Parliament of Victoria enacts as follows:
Part 1—Preliminary
1 Purpose
The purpose of this Act is to make provision for borrowing and investment powers for certain statutory bodies.
2 Commencement
This Act comes into operation on a day or days to be proclaimed.
3 Definitions
(1) In this Act—
arrangement means any agreement, arrangement, understanding, promise or undertaking whether express or implied or any transaction;
Australia means the Commonwealth of Australia and includes the territories of the Commonwealth;
S. 3(1) def. of authorised deposit-taking institution inserted by No. 11/2001 s. 3(Sch. item 7.1(a)).
authorised deposit-taking institution has the same meaning as in the Banking Act 1959 of the Commonwealth;
S. 3(1) def. of authority amended by Nos 99/1993 s. 5, 100/1995 s. 4(1), substituted by No. 23/2022 s. 3.
authority means a person or body that is prescribed;
S. 3(1) def. of bank amended by No. 99/1993 s. 9, repealed by No. 11/2001 s. 3(Sch. item 7.1(b)).
financial accommodation means a financial benefit or assistance to obtain a financial benefit arising from or as a result of—
(a) a loan;
(b) issuing, endorsing or otherwise dealing in promissory notes;
(c) drawing, accepting, endorsing or otherwise dealing in bills of exchange;
(d) issuing, purchasing or otherwise dealing in securities;
(e) granting or taking a lease of any real or personal property for financing but not for operating purposes;
(f) any other arrangement that the Governor in Council on the recommendation of the Treasurer approves;
S. 3(1) def. of financial arrangement substituted by No. 100/1995 s. 4(3).
financial arrangement means an arrangement establishing rights and obligations to receive or deliver property the value of which, or to receive or make a payment in an amount which, or the value of which—
(a) depends on, or is derived from, the value, or price, at a particular future time or during a particular future period, of particular property, rights or liabilities; or
(b) depends on, or is derived by reference to, a particular rate, index or other factor at a particular future time or during a particular future period;
S. 3(1) def. of invest amended by No. 56/2016 s. 14.
invest includes acquisition, sale or divestment of an investment and entering into a transaction or arrangement for the protection or enhancement of investments;
lease means—
(a) any lease, licence, charter or hiring arrangement of any real or personal property; or
(b) any arrangement under which a right to use, operate, manage or provide services in respect of any real or personal property is granted by the owner to another person;
prescribed means prescribed by the regulations;
S. 3(1) def. of property inserted by No. 100/1995 s. 4(2).
property means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description;
security includes inscribed stock and debenture, bond, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation whether constituting a charge on property of an authority or not.
(2) An approval given under this Act may be given unconditionally or subject to such conditions as the Governor in Council or the Treasurer, as the case may be, thinks fit.
S. 3A inserted by No. 99/1993 s. 6, substituted by No. 23/2022 s. 4.
3A Application of sections of this Act to authorities
A section of this Act applies to an authority if the section is prescribed as applying to that authority.
An authority may, for the purpose of performing its functions or exercising its powers—
(a) exercise any power conferred on it by this Part; and
(b) with the approval of the Governor in Council on the recommendation of the Treasurer, do anything necessary for, or incidental to, the exercise of any power conferred on it by this Part.
Division 2—Financial accommodation
S. 5 amended by Nos 78/1988 s. 4(a), 64/1991 s. 10(a), 99/1993 s. 7(a), 100/1995 s. 5, 11/2001 s. 3(Sch. item 7.2).
5 Financial accommodation by way of overdraft in Australia
An authority to which this section applies may, with the approval of the Treasurer, obtain a financial benefit or assistance to obtain a financial benefit by way of overdraft of account at any authorised deposit-taking institution or other financial institution in Australia.
S. 6 amended by Nos 64/1991 s. 10(b), 99/1993 s. 7(b), repealed by No. 100/1995 s. 6.
S. 7 amended by No. 99/1993 s. 7(c), repealed by No. 100/1995 s. 6.
S. 8 amended by Nos 78/1988 s. 4(b), 64/1991 s. 10(a), 99/1993 s. 7(d), substituted by No. 100/1995 s. 6.
8 Financial accommodation in Australia
(1) An authority to which this section applies may, with the approval of the Treasurer, obtain financial accommodation within Australia.
(2) An authority to which this section applies may not obtain financial accommodation under this section by granting or taking a lease of real or personal property.
S. 9 amended by No. 99/1993 s. 7(e), substituted by No. 100/1995 s. 6.
9 Financial accommodation within or outside Australia
(1) An authority to which this section applies may, with the approval of the Treasurer, obtain financial accommodation within or outside Australia.
(2) An authority to which this section applies may not obtain financial accommodation under this section by granting or taking a lease of real or personal property.
S. 10 amended by Nos 78/1988 s. 4(c), 99/1993 s. 7(f).
10 Financial leases
An authority to which this section applies may, with the approval of the Treasurer, obtain financial accommodation within or outside Australia under an arrangement under which or as part of which the authority enters into a lease of the whole or any part of real or personal property.
S. 11 amended by Nos 64/1991 s. 10(b), 99/1993 s. 7(g), substituted by No. 100/1995 s. 7.
11 Financial arrangements
An authority to which this section applies—
(a) may, with the approval of the Treasurer, enter into and perform financial arrangements to hedge, protect or manage the value of its assets or liabilities, or prospective assets or liabilities, against movements in—
(i) currency rates, interest rates, prices of shares, property or commodities; or
(ii) any other rates, costs or other factors specified by the Treasurer, including rates, costs or other factors that affect, or could affect, the value of its assets or liabilities or prospective assets or liabilities; and
(b) may, with the approval of the Treasurer enter into financial arrangements to acquire or dispose of assets or liabilities.
S. 11AA inserted by No. 31/1991 s. 4, amended by No. 99/1993 s. 7(h).
11AA Limited validation of certain financial transactions
(1) If—
(a) an authority to which this section applies entered into, or purported to enter into, a financial transaction that was not, or may not have been, a financial arrangement of a kind that the authority was authorised to enter into under section 4 and 11 or section 11; and
(b) another party to the financial transaction entered into the financial transaction in good faith and with no reason to suspect, at the time of entering into the financial transaction, that the transaction was not a financial arrangement of a kind that the authority was authorised to enter into under section 4 and 11 or section 11—
the financial transaction may be enforced as if it were a financial arrangement which the authority had been authorised to enter into.
(2) Subsection (1) applies in relation to transactions entered into whether before or after the commencement of section 4 of the Borrowing and Investment Powers (Further Amendment) Act 1991.
S. 11AB inserted by No. 85/1994 s. 3.
11AB Assumption of certain obligations and rights
An authority to which this section applies may assume obligations and rights under or in connection with financial accommodation obtained by another person and any security for that financial accommodation if—
(a) the arrangements under which the other person obtained the financial accommodation or gave the security include provision for such an assumption by the authority; or
(b) all the parties to those arrangements and the authority agree in writing to the assumption by the authority—
and the Treasurer gives approval in writing.
Pt 2 Div. 2A (Heading and s. 11A) inserted by No. 78/1988 s. 5,
amended by Nos 61/1992 s. 3, 99/1993 ss 7(i)(j), 10, 31/1995 s. 52(Sch. 1 items 1.1, 1.2), repealed by No. 40/2013 s. 3(1).
Division 3—Guarantees
12 Guarantee of overdraft certified by Treasurer
S. 12(1) amended by Nos 78/1988 s. 6(a), 64/1991 s. 10(c), 99/1993 s. 7(k).
(1) This section applies in relation to the provision to an authority to which this section applies of a financial benefit, or assistance to obtain a financial benefit, referred to in section 5.
(2) If the Treasurer executes a certificate in or to the effect of the prescribed form relating to the provision to an authority of a financial benefit or assistance to obtain a financial benefit referred to in section 5, the due satisfaction of amounts payable by the authority as a result of or in connection with the provision to the authority of the financial benefit or assistance including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction is guaranteed by the Government of Victoria.
13 Statutory guarantee
S. 13(1) amended by Nos 99/1993 s. 7(l), 130/1993 s. 119(2)(a), 110/1994 s. 34(a).
(1) This section applies in relation to the provision to an authority to which this section applies (other than Victorian Power Exchange, Generation Victoria or National Electricity) of—
(a) a financial benefit or assistance to obtain a financial benefit referred to in section 5; or
(b) financial accommodation—
S. 13(1)(b)(i) repealed by No. 100/1995 s. 8(1).
(ii) to which section 8 or 9 applies, unless the Treasurer executes a guarantee under section 14 in relation to the financial accommodation.
(2) The due satisfaction of amounts payable by an authority as a result of or in connection with the provision to the authority of financial accommodation including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or
endeavouring to enforce or obtain such satisfaction is guaranteed by the Government of Victoria.
14 Guarantee of financial accommodation
S. 14(1) amended by Nos 78/1988 s. 6(b), 64/1991 s. 10(a), 99/1993 s. 7(m).
(1) This section applies in relation to the provision to an authority to which this section applies of financial accommodation to which section 8, 9 or 10 applies.
(2) The Treasurer may, on behalf of the Government of Victoria, execute a guarantee on such terms and conditions as the Treasurer determines in favour of any person or body of persons guaranteeing the due satisfaction of amounts that become payable and of other actions required to be performed as a result of or in connection with the provision to the authority of financial accommodation including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction.
S. 14A inserted by No. 85/1994 s. 4.
14A Guarantee of certain obligations
(1) This section applies in relation to the assumption by an authority to which this section applies of obligations and rights in accordance with section 11AB.
(2) The Treasurer may, on behalf of the Government of Victoria, execute a guarantee on such terms and conditions as the Treasurer determines in favour of any person or body of persons guaranteeing the due satisfaction of amounts that become payable and of other actions required to be performed as a result of or in connection with the provision by the authority of obligations and rights in accordance with section 11AB including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction.
15 Guarantee of financial arrangements
S. 15(1) amended by Nos 64/1991 s. 10(b), 99/1993 s. 7(n).
(1) This section applies in relation to an authority to which this section applies which has entered into a financial arrangement to which section 11 applies.
(2) If the Treasurer executes a certificate in or to the effect of the prescribed form relating to a financial arrangement entered into by an authority the due satisfaction of all amounts which become payable including, without limiting the generality of the foregoing, the payment of the expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction, is guaranteed by the Government of Victoria.
16 Appropriation for guarantee
(1) Any sums required by the Treasurer in fulfilling any liability arising under a guarantee by or on behalf of the Government of Victoria provided by this Division or given under this Division shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).
(2) Any sums received or recovered by the Treasurer from an authority or otherwise in respect of any sums paid by the Treasurer under a guarantee shall be paid into the Consolidated Fund.
17 Assignment and enforcement of guarantees
(1) The whole or any part of the benefit of a guarantee under this Division may be assigned by the person entitled to the benefit for the time being, unless the terms and conditions of the guarantee otherwise provide.
(2) A guarantee under this Part has effect and may be enforced as if the guarantee were a contract made on behalf of the Crown and section 23(1)(a) of the Crown Proceedings Act 1958 applied accordingly.
Pt 2 Div. 4 (Heading and s. 18) amended by Nos 99/1993 s. 11, 45/1997
ss 6, 7, 76/2013
s. 29, repealed by No. 23/2022 s. 5. [2]
Part 3—Investment powers
Division 1—Preliminary
19 General investment authorisation
An authority may, for the purpose of performing its functions or exercising its powers—
(a) exercise any power conferred on it by this Part; and
(b) with the approval of the Governor in Council on the recommendation of the Treasurer, do anything necessary for, or incidental to, the exercise of any power conferred on it by this Part.
Division 2—Investment
S. 20 amended by Nos 78/1988 s. 6(c), 64/1991 s. 10(a), 99/1993 s. 7(o).
20 Power to invest moneys
An authority to which this section applies may, with the approval of the Treasurer, invest moneys of the authority in any manner approved by the Governor in Council on the recommendation of the Treasurer in relation to the authority.
S. 20A inserted by No. 31/1991 s. 5, amended by No. 99/1993 s. 7(p).
20A Limited validation of certain investments
(1) If—
(a) an authority to which this section applies entered into, or purported to enter into, a transaction or arrangement in the exercise of a power of investment that was not, or may not have been, a power of a kind that the authority was authorised to exercise under section 19 and 20 or section 20; and
(b) another party to the transaction or arrangement entered into the transaction or arrangement in good faith and with no reason to suspect, at the time of entering into the transaction or arrangement, that the transaction or arrangement was not entered into by the authority in the exercise of a power of investment of a kind that the authority was authorised to exercise under section 19 and 20 or section 20—
the transaction or arrangement may be enforced as if it had been entered into by the authority in the exercise of a power of investment under section 19 and 20 or section 20.
(2) Subsection (1) applies in relation to transactions and arrangements entered into whether before or after the commencement of section 5 of the Borrowing and Investment Powers (Further Amendment) Act 1991.
S. 21 amended by Nos 78/1988 s. 6(d), 64/1991 s. 10(a), 99/1993 s. 7(q).
21 Trading in investments
An authority to which this section applies and to which the Governor in Council on the recommendation of the Treasurer has given approval for the purposes of this section, may exercise any power in relation to investments that a natural person may exercise and, without limiting the generality of the foregoing—
(a) may sell, barter, exchange or otherwise dispose of or get in any of its investments; and
(b) may vary or transpose any of its investments for other investments in which the authority is authorised to invest.
S. 22 amended by Nos 64/1991 s. 10(b), 99/1993 s. 7(r).
22 Underwriting
An authority to which this section applies may, with the approval of the Governor in Council on the recommendation of the Treasurer, underwrite or sub-underwrite the issue by a body corporate or unincorporate of any shares, units in a unit trust or securities in which the authority is authorised to invest.
Part 4—Consequential amendments and transitional provisions
Ss 23–25 repealed by No. 99/1993 s. 12(1).
26 Transitional provisions
(1) A provision of an Act amended by section 23 continues to apply to or in respect of—
(a) moneys borrowed or re-borrowed, loans, advances and financial accommodation obtained and financial arrangements entered into and any other thing done under borrowing powers or powers to obtain financial accommodation conferred by the Act before the commencement of that section; and
(b) moneys borrowed or re-borrowed, loans, advances and financial accommodation obtained and any other thing done under borrowing powers or powers to obtain financial accommodation conferred by the Act after that commencement, pursuant to arrangements entered into before that commencement—
as if that section had not been enacted.
(2) A provision of an Act amended by section 24 continues to apply to or in respect of the investment of moneys or exercise of powers made before the commencement of that section as if that section had not been enacted.
27 Enforcement of guarantees given before commencement of section
A guarantee given by or on behalf of the Government or State of Victoria or by the Treasurer and in force under an Act before the commencement of this section has effect and may be enforced as if the guarantee were a contract made on behalf of the Crown and section 23(1)(a) of the Crown Proceedings Act 1958 applied accordingly.
Pt 5 (Heading and ss 28–30) inserted by No. 99/1993 s. 4.
Part 5—Guarantees etc. for economic development projects
S. 28 inserted by No. 99/1993 s. 4.
28 Definitions
In this Part—
development includes establishment, continuation, increase, facilitation, encouragement or promotion;
industry includes—
(a) the production of goods and services in Victoria;
(b) manufacturing or processing in Victoria;
(c) the provision of employment opportunities in Victoria;
(d) the export of Victorian produce, products or services, whether or not outside Australia;
(e) the promotion of Victorian goods and services;
(f) tourism and tourist accommodation and other facilities for tourists in Victoria;
(g) any activity within Victoria approved by the Treasurer as an industry for the purposes of this Part.
S. 29 inserted by No. 99/1993 s. 4.
29 Treasurer may execute guarantee etc.
S. 29(1) amended by Nos 84/1996 s. 467(Sch. 6 item 4.1), 9/2013 s. 42(Sch. 2 item 4).
(1) The Treasurer, on such terms and conditions as the Treasurer thinks fit, may execute a guarantee in favour of a person or body (not being a co‑operative under the Co‑operatives National Law (Victoria))—
(a) in respect of money advanced or to be advanced or other credit facilities provided—
(i) to assist in the development of an industry or class of industry; or
(ii) to re-pay or re-finance money previously borrowed to assist in the development of an industry or class of industry; or
(b) in respect of the performance of any obligation by a person or body under an agreement or contract relating to the development of an industry or class of industry.
S. 29(2) amended by Nos 84/1996 s. 467(Sch. 6 item 4.2), 9/2013 s. 42(Sch. 2 item 4).
(2) The Treasurer, on such terms and conditions as the Treasurer thinks fit, may execute an indemnity or covenant in favour of a person or body (not being a co-operative under the Co‑operatives National Law (Victoria)) in respect of any expense, loss, damage, cost or liability incurred or that may be incurred by that person or body under or in respect of an agreement or contract relating to, or in respect of anything done in connection with, the development of an industry or class of industry.
S. 30 inserted by No. 99/1993 s. 4.
30 Provisions applying to guarantees etc. under this Part
(1) If the Treasurer so determines, a guarantee, indemnity or covenant under this Part may include interest charges and expenses chargeable by the creditor against the debtor and the expenses of enforcing or obtaining, or endeavouring to enforce or obtain, payment of the debt to which the guarantee, indemnity or covenant relates and those interest charges and expenses.
(2) The Treasurer may require the creditor to which a guarantee, indemnity or covenant under this Part relates to hold securities of such nature as the Treasurer requires for the payment of the debt or the performance of other obligations to which the guarantee, indemnity or covenant relates.
(3) The Treasurer may secure from the debtor to which a guarantee, indemnity or covenant under this Part relates an indemnity against loss suffered as a result of the failure of the debtor to pay the debt or perform the other obligations to which the guarantee, indemnity or covenant relates and hold securities of such nature as the Treasurer requires in respect of the indemnity.
(4) A guarantee, indemnity or covenant under this Part is not enforceable against the Treasurer unless and until the creditor, to the satisfaction of the Treasurer, has exercised the creditor's rights under all securities, if any, held by or for the creditor in respect of the debt or other obligation to which the guarantee, indemnity or covenant relates, other than the guarantee, indemnity or covenant itself.
(5) The creditor must not, without the consent in writing of the Treasurer, assign or encumber the benefit of a guarantee, indemnity or covenant under this Part.
(6) Such sums as may from time to time become due and payable by the Treasurer under a guarantee, indemnity or covenant under this Part shall be paid out of the Consolidated Fund which is hereby to the necessary extent appropriated accordingly.
Pt 6 (Heading and s. 31) inserted by No. 23/2022 s. 6.
Part 6—General
S. 31
inserted by No. 23/2022 s. 6.
31 Regulations
(1) The Governor in Council may make regulations for or with respect to any of the following—
(a) prescribing a person or body as an authority;
(b) prescribing a section of this Act as applying to an authority;
(c) the form of securities issued under this Act in Australia;
(d) the issue of securities under this Act in Australia;
(e) the rights attached to securities issued under this Act in Australia;
(f) the keeping of registers of securities issued under this Act in Australia;
(g) fees payable for inspection of or to obtain copies of or extracts from registers kept in Australia of securities issued under this Act in Australia;
(h) the sale and transfer of securities issued under this Act in Australia;
(i) any other matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.
(2) The regulations may—
(a) be of general or limited application;
(b) differ according to differences in time, place or circumstances.
Sch. 1A inserted by No. 78/1988 s. 7,
amended by Nos 49/1989 s. 140, 88/1992 s. 85, 40/1993 s. 83, 61/1993 s. 37,
repealed by No. 99/1993 s. 8.
Sch. 1B inserted by No. 64/1991 s. 10(e), repealed by No. 99/1993 s. 8.
Sch. 2 amended by Nos 81/1989 s. 3(Sch. item 2), 50/1992 s. 10(Sch. item 2), 80/1992 s. 52(a)(i)(ii), 130/1993 s. 119(2)(b), repealed by No. 99/1993 s. 8.
Sch. 2A inserted by No. 78/1988 s. 8, repealed by No. 99/1993 s. 8.
Sch. 3 amended by Nos 33/1988 s. 53, 81/1988 s. 40(1)(a)(b), 13/1989 s. 12, 20/1989 s. 42(4), 64/1991 s. 10(d), 80/1992 s. 52(b)(i)(ii), 110/1993 s. 22(3), repealed by No. 99/1993 s. 8.
Sch. 4 amended by Nos 21/1988 s. 60(1), 23/1988 s. 61(9), 50/1988 s. 93(1), repealed by No. 99/1993 s. 12(2).
Sch. 5 amended by Nos 21/1988 s. 60(1), 23/1988 s. 61(9), 50/1988 s. 93(1), repealed by No. 99/1993 s. 12(2).
Sch. 6 amended by Nos 21/1988 s. 60(1), 23/1988 s. 61(9), 50/1988 s. 93(1), 31/1991 s. 6, repealed by No. 99/1993 s. 12(2).
Endnotes
1 General information
See www.legislation.vic.gov.au for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.
Minister's second reading speech—
Legislative Assembly: 24 March 1987
Legislative Council: 28 April 1987
The long title for the Bill for this Act was "A Bill to make provision for borrowing and investment powers for certain statutory bodies and for other purposes.".
The Borrowing and Investment Powers Act 1987 was assented to on 12 May 1987 and came into operation as follows:
Parts 1, 3, sections 24, 26(2) on 14 October 1987: Government Gazette 14 October 1987 page 2712; rest of Act on 18 November 1987: Government Gazette 18 November 1987 page 3138.
INTERPRETATION OF LEGISLATION ACT 1984 (ILA)
Style changes
Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.
References to ILA s. 39B
Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original section or clause.
Interpretation
As from 1 January 2001, amendments to section 36 of the ILA have the following effects:
• Headings
All headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).
• Examples, diagrams or notes
All examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).
• Punctuation
All punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).
• Provision numbers
All provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).
• Location of "legislative items"
A "legislative item" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.
• Other material
Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.
See section 36(3)(3D)(3E).
2 Table of Amendments
This publication incorporates amendments made to the Borrowing and Investment Powers Act 1987 by Acts and subordinate instruments.
Local Authorities Superannuation Act 1988, No. 23/1988
Assent Date:
17.5.88
Commencement Date:
Pts 1, 7 on 1.9.87: s. 2(2); rest of Act on 25.5.88: Government Gazette 25.5.88 p. 1458
Current State:
All of Act in operation
Transport Superannuation Act 1988, No. 33/1988
Assent Date:
17.5.88
Commencement Date:
1.7.88: Government Gazette 18.5.88 p. 1273
Current State:
All of Act in operation
State Superannuation Act 1988, No. 50/1988
Assent Date:
24.5.88
Commencement Date:
S. 93(3) on 1.7.87: s. 2(1); s. 93(4) on 27.11.87: s. 2(2); Pt 1, Pt 6 Div. 2, s. 91 on 1.1.88: s. 2(3); rest of Act on 1.7.88: Government Gazette 1.6.88 p. 1487
Current State:
All of Act in operation
Borrowing and Investment Powers (Amendment) Act 1988, No. 78/1988
Assent Date:
20.12.88
Commencement Date:
S. 10(1) on 18.11.87: s. 2(2); rest of Act on 27.4.89: Special Gazette (No. 21) 27.4.89 p. 1
All of Act (except ss 7–9) on 20.11.91: Government Gazette 20.11.91 p. 3146; s. 7 on 1.1.92: s. 2(2); s. 8 on 1.7.91: s. 2(3); s. 9 on 9.9.92: Government Gazette 9.9.92 p. 2634
Current State:
All of Act in operation
Water (Rural Water Corporation) Act 1992, No. 50/1992
Assent Date:
30.6.92
Commencement Date:
1.7.92: Government Gazette 1.7.92 p. 1629
Current State:
All of Act in operation
Borrowing and Investment Powers (Melbourne Water Corporation) Act 1992, No. 61/1992
Assent Date:
17.11.92
Commencement Date:
17.11.92
Current State:
All of Act in operation
Treasury Corporation of Victoria Act 1992, No. 80/1992
Assent Date:
24.11.92
Commencement Date:
1.1.93: Special Gazette (No. 69) 23.12.92 p. 1
Current State:
All of Act in operation
Dairy Industry Act 1992, No. 88/1992
Assent Date:
26.11.92
Commencement Date:
24.12.92: Special Gazette (No. 70) 24.12.92 p. 1
Current State:
All of Act in operation
Meat Industry Act 1993, No. 40/1993
Assent Date:
1.6.93
Commencement Date:
S. 83 on 30.6.93: Government Gazette 24.6.93 p. 1596
Current State:
This information relates only to the provision/s amending the Borrowing and Investment Powers Act 1987
Pt 2: Section 9 of the Miscellaneous Acts (Omnibus Amendments) Act 1995, No. 100/1995 reads as follows:
9 Transitional
(1) An approval of the Treasurer under section 6 or 8 of the Principal Act as in force immediately before the commencement of this subsection has effect, on and after that commencement, as an approval of the Treasurer under section 8 of the Principal Act as amended by this Part.
(2) An approval of the Treasurer under section 7 or 9 of the Principal Act as in force immediately before the commencement of this subsection has effect, on and after that commencement, as an approval of the Treasurer under section 9 of the Principal Act as amended by this Part.
(3) An approval of the Treasurer under section 11 of the Principal Act as in force immediately before the commencement of this subsection has effect, on and after that commencement, as an approval of the Treasurer under that section of the Principal Act as amended by this Part. ↑
Pt 2 Div. 4 (Heading and s. 18) (repealed): Section 25 of the Borrowing and Investment Powers (Amendment) Act 1993, No. 99/1993 reads as follows:
25 Transitional provisions—declared Authorities
(1) If an Authority is declared under section 17A of the Principal Act to be a Water Authority to which Schedule 1 applies, Division 4 of Part 13 of the Water Act 1989 continues to apply to or in respect of—
(a) financial accommodation obtained by that Authority under that Division before the declaration; and
(b) financial accommodation obtained by that Authority under that Division after the declaration, pursuant to arrangements entered into before the declaration; and
(c) the investment of money by that Authority before the declaration—
as if the declaration had not been made.
(2) A guarantee by the Government of Victoria in force under section 255(3) of the Water Act 1989 immediately before an Authority is declared under section 17A of the Principal Act to be a Water Authority to which Schedule 1 applies has effect and may be enforced as if the guarantee were a contract made on behalf of the Crown and section 23(1)(a) of the Crown Proceedings Act 1958 applied accordingly. ↑
Sch. 1:
Sch. 1 amended by Nos 33/1988 s. 53, 81/1988 s. 40(1), 13/1989 s. 12, 20/1989 s. 42(4), 64/1991 s. 10(d), 110/1993 s. 22(2)(3), substituted by No. 99/1993 s. 8 (as amended by No. 4/1994 s. 3), amended by Nos 37/1994 s. 231, 41/1994 s. 40, 53/1994 s. 30, 61/1994 s. 41, 68/1994 s. 52, 85/1994 s. 5, 103/1994 s. 26, 110/1994 s. 34(b)(c), 112/1994 s. 113, 116/1994 s. 37, 117/1994 s. 36, 120/1994 s. 80, 121/1994 s. 212, 18/1995 s. 23(2), 31/1995 s. 52(Sch. 1 item 1.3), 82/1995 s. 194, 100/1995 s. 8(2)–(6), 106/1995 s. 50, 4/1996 s. 76, 11/1996 s. 36, 61/1996 s. 88, 71/1996 s. 34, 73/1996 s. 7, 79/1996 s. 57, 2/1997 s. 31, 45/1997 s. 8, 56/1997 s. 12, 71/1997 s. 31, 91/1997 s. 42, 93/1997 s. 24, 99/1997 s. 122, 104/1997 s. 40, 109/1997 s. 531, 25/1998 s. 168, 43/1998 s. 50, 84/1998 s. 31(2), 98/1998 s. 44, 8/1999 s. 49(2), 45/1999 s. 46, 53/1999 s. 26(Sch. item 2), 60/1999 s. 19, 63/1999 s. 14, 37/2000 s. 69, 66/2000 s. 53, 81/2000 s. 40, 96/2000 s. 22, 97/2000 s. 35, 29/2001 s. 9, 87/2001 s. 59, 23/2003 s. 25, 25/2003 s. 26, 34/2003 s. 16(2), 59/2003 s. 116, 64/2003 s. 10, 85/2003 s. 31, 22/2004 s. 29, 95/2004 s. 89, 106/2004 s. 16, 10/2005 s. 3(Sch. 1 item 3), 39/2005 s. 53, 95/2005 s. 12(1), 26/2009 s. 13, 6/2010 ss 202(3), 203(1)(Sch. 6 item 3) (as amended by No. 45/2010 s. 22), 204(1), 35/2011 s. 16, 38/2011 s. 35, 40/2013 s. 3(2), 7/2016 s. 48, 10/2016 s. 179(Sch. 1 item 1), 11/2016 s. 135, 56/2016 s. 15, 7/2017 s. 295, 10/2017 s. 30, 20/2019 s. 144, 49/2019 s. 186(Sch. 4 item 4), 18/2020 s. 123, 43/2021 s. 219(Sch. 1 item 1), 19/2022 s. 85, repealed by No. 23/2022 s. 7. ↑