sec.62Statutory body may sign necessary documents

### sec.62 Statutory body may sign necessary documents A statutory body may sign documents necessary for a financial arrangement that it may enter into under this Act. However, a statutory body may not sign a document that— creates an encumbrance; or otherwise transfers its property, or assigns its income, by way of security; unless the Treasurer approves the creation of the encumbrance, transfer of the property or assignment of the income. Before signing a document mentioned in subsection (2) , the statutory body must satisfy itself, on reasonable grounds, that the encumbrance, transfer or assignment does not prevent it from dealing with its property or income in the ordinary course of performing its functions. However, subsection (3) does not prevent a statutory body signing a document that states the rights of other parties to the arrangement in relation to the body’s income or property if the body breaches an express condition of the document. s 62 ins 1996 No. 54 s 8 (sec.62-ssec.1) A statutory body may sign documents necessary for a financial arrangement that it may enter into under this Act. (sec.62-ssec.2) However, a statutory body may not sign a document that— creates an encumbrance; or otherwise transfers its property, or assigns its income, by way of security; unless the Treasurer approves the creation of the encumbrance, transfer of the property or assignment of the income. (sec.62-ssec.3) Before signing a document mentioned in subsection (2) , the statutory body must satisfy itself, on reasonable grounds, that the encumbrance, transfer or assignment does not prevent it from dealing with its property or income in the ordinary course of performing its functions. (sec.62-ssec.4) However, subsection (3) does not prevent a statutory body signing a document that states the rights of other parties to the arrangement in relation to the body’s income or property if the body breaches an express condition of the document. - (a) creates an encumbrance; or - (b) otherwise transfers its property, or assigns its income, by way of security;