Banking Act 1959

Part IX - Miscellaneous  

SECTION 70D   Borrowing funds for payments under authorised contracts etc.  

(1)    
Subsection (2) applies if the Minister has determined under section 70C an amount to be credited to the Financial System Stability Special Account.

(2)    
On behalf of the Commonwealth, the Minister may, with the Finance Minister ' s written approval, borrow money for not more than 24 months on terms and conditions specified in, or consistent with, the approval, so that the total unrepaid borrowing under this section is not more than $20,000,000,000 at any time.

(3)    
The Finance Minister may delegate, in writing, to an SES employee or acting SES employee in the Department that is administered by the Finance Minister, the Finance Minister ' s power of approval for the purposes of subsection (2).

(4)    
In this section:

borrow
includes raise money or obtain credit, whether by dealing in securities or otherwise, but does not include obtain credit in a transaction forming part of the day-to-day operations of the Commonwealth.