8Functions of the Corporation

#### 8 Functions of the Corporation (1) The Corporation has the following functions: (a) to administer farm business loans, including by: (i) providing such loans to farm businesses, subject to relevant lending criteria being satisfied; and (ii) consulting with commercial lenders and other industry bodies representing persons likely to seek a loan; and (iii) determining, in accordance with the strategies and policies decided by the Board, the terms and conditions on which approved loans are provided; and (iv) taking security for approved loans; and (v) charging for transaction costs incurred by the Corporation in relation to an approved loan; and (vi) managing approved loans, and if required, enforcing the security taken for an approved loan; and (vii) reviewing loans provided, and the terms and conditions on which approved loans are provided, periodically; (b) to administer, on behalf of the Commonwealth, financial assistance granted before the start day to States and Territories in relation to water infrastructure projects; (c) to administer, on behalf of the Commonwealth, financial assistance to States and Territories in relation to water infrastructure projects, including by: (i) liaising, negotiating and cooperating with States and Territories and other parties on possible water infrastructure projects; and (ii) providing advice to responsible Ministers on a water infrastructure project; and (iii) implementing directions of the responsible Ministers under subsection 12(3) to enter into agreements, on behalf of the Commonwealth, for the grant of financial assistance to States or Territories in relation to water infrastructure projects; and (iv) reviewing financial assistance granted, and the terms and conditions on which such financial assistance is granted, periodically; (d) to set, and adjust as required, the interest rates applicable to loans and financial assistance; (e) on its own initiative or at the request of a responsible Minister—to provide advice to the responsible Minister on the activities that are or could be undertaken by the Corporation; (f) to provide advice and assistance to: (i) borrowers in relation to approved loans; or (ii) prospective borrowers in relation to loans; (g) to administer programs prescribed by the rules; (h) any other functions conferred on the Corporation by this Act, the rules or any other Commonwealth law; (i) to do anything incidental to, or conducive to, the performance of the above functions. (2) In performing its functions, the Corporation must act in a proper, efficient and effective manner. > Note: See also section 13 (compliance with directions). When certain functions take effect (3) The Corporation is to perform: (a) the function mentioned in paragraph (1)(a) from 1 July 2018 or an earlier day specified by the responsible Ministers in an instrument under paragraph (4)(a); and (b) the function mentioned in paragraph (1)(b) from 1 July 2018 or an earlier day specified by the responsible Ministers in an instrument under paragraph (4)(b); and (c) the function mentioned in paragraph (1)(c) from 1 July 2018 or an earlier day specified by the responsible Ministers in an instrument under paragraph (4)(c). (4) The responsible Ministers may, by legislative instrument, specify a day before 1 July 2018 from which the Corporation is to perform: (a) the function mentioned in paragraph (1)(a); or (b) the function mentioned in paragraph (1)(b); or (c) the function mentioned in paragraph (1)(c). Additional programs (5) For the purposes of paragraph (1)(g), the rules may prescribe one or more programs to be administered by the Corporation, and if the rules do so: (a) they must address the constitutional basis for each program; and (b) they may: (i) allow for the charging of transaction costs incurred by the Corporation in relation to a program; or (ii) specify matters relating to a program to be included in the annual report prepared by the Board under section 46 of the Public Governance, Performance and Accountability Act 2013; or (iii) allow for the responsible Ministers to give written directions to the Corporation in relation to a program.