16Borrowing of money from, &c., the Corporation by State authorities

16 Borrowing of money from, &c., the Corporation by State authorities

[Section 16 Substituted by No. 4 of 1995, s. 12 ]

(1)  Notwithstanding any other Act, a State authority –

(a) may borrow money from the Corporation, and, if the Treasurer by notice published in the Gazette so directs, must, in accordance with the notice, borrow money from the Corporation and not from any other person; and

(b) may and, if the Treasurer by notice published in the Gazette so directs, must deposit with or lend to the Corporation money of the State authority that is not immediately required for the purposes of the State authority; and

(c) may allow the Corporation to conduct debt management or any other activity of the type described in section 11 (2) on behalf of the State authority.

(2)  The terms and conditions of any transaction or activity undertaken under subsection (1) are to be as agreed between the Corporation and the State authority and in accordance with any guidelines issued by the Treasurer.

(3)  The Treasurer may issue guidelines relating to transactions or activities undertaken under subsection (1) .