17Requirements for bodies

17 Requirements for bodies

(1) An assurance of support that is given by a body must be given on behalf of the body by a person who is properly authorised to give the assurance. (2) For a body other than a State agency, a requirement to be met as mentioned in section 13 is that the body: (a) for a body corporate—satisfies subsection (3) or (4); or (b) for a body other than a body corporate—satisfies subsection (4); or (c) in any case—otherwise has the capacity to support the adults receiving assurance under the assurance of support. (3) A body satisfies this subsection if the body’s profit, from carrying on a business or businesses for each of the last 2 financial years ending before the financial year (the current year) in which the body gave the assurance of support, was at least equal to the maximum basic jobseeker payment amount, applicable on 1 July of the current year, multiplied by the number of adults receiving assurance under the assurance of support. (4) A body satisfies this subsection if the body has, on the day the body gave the assurance of support, an amount of readily available funds (see subsection (5)) at least equal to $5,000 multiplied by the number of adults receiving assurance under the assurance of support. (5) In this section:

readily available funds means the following:

(a) money in an account, or on deposit, with an authorised deposit‑taking institution within the meaning of the Banking Act 1959;
(b) bank bills accepted, or endorsed, by such an institution;
(c) marketable securities (within the meaning of section 9 of the Corporations Act 2001).