25BGuarantee of borrowings by Authority

25B Guarantee of borrowings by Authority

(1) The Treasurer may, on behalf of the Commonwealth, enter into a contract: (a) guaranteeing the repayment by the Authority of money borrowed under paragraph 25A(1)(a) and the payment by the Authority of interest (including any interest on that interest) on money so borrowed; or (b) guaranteeing the payment by the Authority of such amounts (which may be interest) that the Authority is liable to pay with respect to money raised under paragraph 25A(1)(b) as are specified in the contract. (2) The Treasurer may, in writing, determine: (a) that the repayment by the Authority of money borrowed under paragraph 25A(1)(a), and the payment by the Authority of interest (including any interest on that interest) on money so borrowed, are guaranteed by the Commonwealth; or (b) that the payment by the Authority of such money (which may be interest) that the Authority is liable to pay with respect to money raised under paragraph 25A(1)(b) as is specified in the determination is guaranteed by the Commonwealth; and, where the Treasurer 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 contract may be entered into under subsection (1), and a determination may be made under subsection (2), in relation to a particular transaction or in relation to transactions included in a class of transactions. (4) A contract entered into under subsection (1) may include either or both of the following provisions: (a) 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 country other than Australia; (b) a provision waiving, on behalf of the Commonwealth, the immunity of the Commonwealth from suit in the courts, or a specified court, of a country other than Australia in relation to any proceedings that may be taken under the contract.