Australian Capital Territory Numbered Acts

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AUDIT (AMENDMENT) ACT 1990 (NO. 10 OF 1990) - SECT 4

Insertion

4. After Part III of the Principal Act the following Part is inserted:

Interpretation

“33A. In this Part—

‘borrowing', in relation to the Territory or a Territory authority, includes raising money or obtaining credit, whether by dealing in securities or otherwise, but does not include obtaining credit in a transaction forming part of the day-to-day operations of the Territory or Territory authority.

“33B. (1) The Territory or a Territory authority shall not borrow money except as provided by this Act or another law of the Territory.

“(2) The Treasurer may, on behalf of the Territory, enter into an agreement with the Commonwealth for the borrowing of money by the Commonwealth for and on behalf of the Territory or for the lending or granting of money by the Commonwealth to the Territory for Territory purposes.

“(3) The Territory or a Territory authority may—

        (a)     borrow money; and

        (b)     give security for the repayment of amounts borrowed and the payment of interest on those amounts by the issue of securities, including stocks, debentures, debenture stocks, notes, bonds, promissory notes, bills of exchange and such other securities as are approved by the Treasurer for the purposes of this paragraph.

“33C. (1) The Treasurer may make such payments as are required—

        (a)     to meet expenses incurred in connection with borrowing money or the conversion of loans by or on behalf of the Territory; or

        (b)     for the repayment of any money borrowed by or on behalf of the Territory;

under this Act or another law of the Territory, and the Consolidated Fund is appropriated accordingly.

“(2) In this section—

‘expenses' includes charges incurred, payments made, interest paid and discounts allowed to subscribers in connection with borrowings or the conversion of loans by or on behalf of the Territory.”.



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