51JADelegation by Treasurer

51JA Delegation by Treasurer

(1) The Treasurer may, by signed instrument, delegate all or any of the Treasurer’s powers under sections 3A, 13C, 14, 27, 29 and 55 to: (a) an SES employee in the Department; or (b) an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position in the Department; or (c) a person appointed as a staff member of the Reserve Bank Service under section 67 of the Reserve Bank Act 1959 who occupies an office or position at an equivalent level to that of an SES employee, or an Executive Level 2, in the Department. (2) The Treasurer must, by signed instrument, give a direction as to the maximum total face value of stock and securities that may be on issue under this Act and the Loans Securities Act 1919 in relation to borrowings under section 3A of this Act and section 4 of the Loans Redemption and Conversion Act 1921 while the direction is in force. (2A) In working out the total face value of stock and securities for the purposes of subsection (2), disregard: (a) stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and (b) stock and securities loaned by the Treasurer under a securities lending arrangement under section 5BA of the Loans Securities Act 1919, or held by or on behalf of the Treasurer for the purpose of such an arrangement; and (c) stock and securities invested under section 58 of the Public Governance, Performance and Accountability Act 2013; and (d) stock and securities on issue as at the start of 13 July 2008, other than Treasury Fixed Coupon Bonds.

Note: The time referred to in paragraph (d) is when item 4 of Schedule 1 to the Commonwealth Securities and Investment Legislation Amendment Act 2008 commenced.

(3) In exercising the Treasurer’s powers under section 3A, a delegate must comply with: (a) a direction in force under subsection (2); and (b) any other direction given, by signed instrument, to the delegate by the Treasurer. (4) The Treasurer must table a direction given under subsection (2) or paragraph (3)(b) in each House of the Parliament no later than 15 sitting days of that House after it is given. (5) For the purposes of this section: (a) the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and (b) the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.