3Conditions of loans

#### 3 Conditions of loans (1) Where under an Act the Treasurer has the authority to borrow money in accordance with the Commonwealth Inscribed Stock Act 1911 or any Act authorising the issue of Treasury bills, the Governor‑General may, in spite of anything in those Acts, in writing, authorise the Treasurer: (a) to borrow the money in amounts not exceeding, in the aggregate, such amount as the Governor‑General determines; (b) to borrow the money: (i) either by way of a single borrowing or by way of a program of borrowings, as the Governor‑General determines; (ii) in such manner as the Governor‑General determines; and (iii) at prices, and on terms and conditions, that are not less favourable to the Commonwealth than the prices, and the terms and conditions, determined by the Governor‑General; and (c) to issue, in such form as the Governor‑General determines, such stock and securities as the Governor‑General determines. (2) An authority under subsection (1) may, instead of determining any matter referred to in paragraph (1)(b) or (c), authorise the Treasurer to determine that matter and, in that case, the Treasurer is empowered to determine, in writing, that matter.