sec.31Substitution and consolidation of securities

### sec.31 Substitution and consolidation of securities In this section— security means a debenture, bond, stock or other security. statutory body means a statutory body other than the Corporation. Without limiting the generality of its powers, the Corporation may— hold, deal with, cancel, consolidate, reissue or dispose of securities of the Corporation; and hold, deal with or dispose of securities of a statutory body; and issue securities of the Corporation in substitution for a security or consolidation of securities of a statutory body. Where as a consequence of the exercise of its powers under this section the Corporation holds or acquires a security in respect of which the Treasurer has guaranteed under any Act the due performance of any obligation in respect of that security, the Treasurer’s guarantee shall cease to be of any effect for such time and only for such time as such security is held by the Corporation. If the holder of a security requests and the Corporation agrees to substitute for that security a security issued by the Corporation, the holder shall transfer to the Corporation such security and shall be entitled to be issued by the Corporation with a security evidencing, according to its terms, a financial arrangement between the Corporation and the holder. A security issued by the Corporation under subsection (4) shall provide for such rate or rates of interest (if any), such maturity date or dates and such other terms and conditions as are determined by the Corporation and in the absence of such a determination by the Corporation— shall provide for the same terms and conditions as the security transferred to the Corporation; shall be taken to express the terms of a financial arrangement made between the Corporation and the holder or holders thereof and shall be enforceable against the Corporation. On the issue of a security under subsection (4) a financial arrangement shall thereby be created between the Corporation and the statutory body whose security has been replaced by the security given by the Corporation on the same terms and conditions as existed between the statutory body and the holder of a security transferred to the Corporation and the financial arrangement shall take such form as is nominated by the Corporation. The Corporation and the statutory body referred to in subsection (6) are hereby empowered to enter into the financial arrangement referred to in subsection (6) and such financial arrangement shall be enforceable against the statutory body. s 31 amd 1995 No. 58 s 4 sch 1 (sec.31-ssec.1) In this section— security means a debenture, bond, stock or other security. statutory body means a statutory body other than the Corporation. (sec.31-ssec.2) Without limiting the generality of its powers, the Corporation may— hold, deal with, cancel, consolidate, reissue or dispose of securities of the Corporation; and hold, deal with or dispose of securities of a statutory body; and issue securities of the Corporation in substitution for a security or consolidation of securities of a statutory body. (sec.31-ssec.3) Where as a consequence of the exercise of its powers under this section the Corporation holds or acquires a security in respect of which the Treasurer has guaranteed under any Act the due performance of any obligation in respect of that security, the Treasurer’s guarantee shall cease to be of any effect for such time and only for such time as such security is held by the Corporation. (sec.31-ssec.4) If the holder of a security requests and the Corporation agrees to substitute for that security a security issued by the Corporation, the holder shall transfer to the Corporation such security and shall be entitled to be issued by the Corporation with a security evidencing, according to its terms, a financial arrangement between the Corporation and the holder. (sec.31-ssec.5) A security issued by the Corporation under subsection (4) shall provide for such rate or rates of interest (if any), such maturity date or dates and such other terms and conditions as are determined by the Corporation and in the absence of such a determination by the Corporation— shall provide for the same terms and conditions as the security transferred to the Corporation; shall be taken to express the terms of a financial arrangement made between the Corporation and the holder or holders thereof and shall be enforceable against the Corporation. (sec.31-ssec.6) On the issue of a security under subsection (4) a financial arrangement shall thereby be created between the Corporation and the statutory body whose security has been replaced by the security given by the Corporation on the same terms and conditions as existed between the statutory body and the holder of a security transferred to the Corporation and the financial arrangement shall take such form as is nominated by the Corporation. (sec.31-ssec.7) The Corporation and the statutory body referred to in subsection (6) are hereby empowered to enter into the financial arrangement referred to in subsection (6) and such financial arrangement shall be enforceable against the statutory body. - (a) hold, deal with, cancel, consolidate, reissue or dispose of securities of the Corporation; and - (b) hold, deal with or dispose of securities of a statutory body; and - (c) issue securities of the Corporation in substitution for a security or consolidation of securities of a statutory body. - (a) shall provide for the same terms and conditions as the security transferred to the Corporation; - (b) shall be taken to express the terms of a financial arrangement made between the Corporation and the holder or holders thereof and shall be enforceable against the Corporation.