Commonwealth Numbered Acts

LOANS SECURITIES AMENDMENT ACT 1988 No. 131, 1988 - SECT 3

3. Section 3 of the Principal Act is repealed and the following section is
substituted: Conditions of loans

"3. (1) Where under an Act the Treasurer has the authority to borrow money in
accordance with the Commonwealth Inscribed Stock Act 1911 or any Act
authorising the issue of Treasury bills, the Governor-General may, in spite of
anything in those Acts, in writing, authorise the Treasurer:

   (a)  to borrow the money in amounts not exceeding, in the aggregate, such
        amount as the Governor-General determines;

   (b)  to borrow the money:

        (i)    either by way of a single borrowing or by way of a program of
               borrowings, as the Governor-General determines;

        (ii)   in such manner as the Governor-General determines; and

        (iii)  at prices, and on terms and conditions, that are not less
               favourable to the Commonwealth than the prices, and the terms
               and conditions, determined by the Governor-General; and

   (c)  to issue, in such form as the Governor-General determines, such stock
        and securities as the Governor-General determines.

"(2) An authority under subsection (1) may, instead of determining any matter
referred to in paragraph (1) (b) or (c), authorise the Treasurer to determine
that matter and, in that case, the Treasurer is empowered to determine, in
writing, that matter.".