Commonwealth Numbered Acts

COMMUNICATIONS LEGISLATION AMENDMENT ACT 1985 No. 119 of 1985 - SECT 6

6. After section 38 of the Principal Act the following section is inserted:
Hedging contracts, & c.

"38AAA. (1) Subject to sub-section (3), the Commission may enter into or deal
with contracts, and make other arrangements, in respect of financial futures
or foreign currency (including foreign currency futures) for the purpose of
reducing or eliminating risks of adverse financial consequences to the
Commission in relation to -

   (a)  any contract (including a contract that may be entered into under this
section), or proposed contract, involving the payment or receipt by the
Commission of money; or

   (b)  a borrowing or raising of money by the Commission or a proposed
borrowing or raising of money by the Commission (including a
borrowing or raising of money by the Commission by dealing with
securities), being risks that may arise from variations in the rate of
currency exchange or rate of interest applicable to the contract or proposed
contract, or to the borrowing or raising of money or proposed borrowing or
raising of money, as the case may be, referred to in paragraph (a) or (b).

"(2) The Minister may, be determination in writing -

   (a)  set guidelines for the purpose of the exercise by the Commission of
        its
power under sub-section (1); and

   (b)  revoke or vary guidelines set for that purpose or set new guidelines
        for
that purpose, and shall give to the Commission a copy of each determination
made under this sub-section.

"(3) The Commission shall not enter into a contract, dealing or other
arrangement under sub-section (1) otherwise than in accordance with the
guidelines having effect from time to time under sub-section (2).

"(4) A contract, dealing or other arrangement under sub-section (1) does not
require the approval of the Minister under sub-section 38 (2).

"(5) In this section -
'proposed borrowing or raising of money' means a proposed borrowing or
raising of money that has been approved by the Treasurer under
section 45;
'proposed contract' means -

   (a)  a proposed contract that has been approved by the Minister
under section 38; or

   (b)  a proposed contract (including a contract that may be entered
into under this section) that does not require the approval of
the Minister under section 38.".