32Authority not to make loans to directors

32 Authority not to make loans to directors

(1) The powers of the Authority do not include a power, whether directly or indirectly—

(a) to make a loan to a director of the Authority, a spouse of such a director, a person with whom the director is in a registrable domestic relationship (within the meaning of section 5 of the Relationships Act 2008), or a relative (as defined in the Corporations Act) of such a director, spouse or person; or

(b) to give a guarantee or provide security in connection with a loan made or to be made by another person to a director, spouse, person or relative referred to in paragraph (a).

(2) Nothing in subsection (1) prohibits the Authority entering into an agreement or arrangement with a person referred to in subsection (1) if similar agreements or arrangements are entered into by the Authority with members of the public on the same terms and conditions.