Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

Division 7 - Funding for crisis resolution  

SECTION 846A   AUTHORISING ARRANGEMENTS FOR THE PURPOSES OF CRISIS RESOLUTION  

Authorising the making of arrangements

846A(1)    
If one or more conditions in section 831A are satisfied in relation to a CS facility licensee, the Minister may, by legislative instrument and with the Finance Minister ' s written approval, authorise the making of arrangements by the Commonwealth, for the purposes of:

(a)    protecting the stability of the financial system in Australia; or

(b)    if the licensee is incorporated in Australia - ensuring the continuity of one or more clearing and settlement facility services provided by the licensee that are critical to the functioning of the financial system in Australia.

Limit on total amounts payable under authorised contracts etc.

846A(2)    
The authorisation must specify the amount (if any) the Commonwealth may pay under the authorised arrangements.

846A(3)    
The total of all the amounts specified under subsection (2) in authorisations (taking account of any amendments of those authorisations) in relation to the condition or conditions being satisfied must not exceed $5,000,000,000.

Note: See also section 71 of the Public Governance, Performance and Accountability Act 2013 (approval of proposed expenditure by a Minister).

Amending specification of amount

846A(4)    
The Minister may, by legislative instrument and with the Finance Minister's written approval, amend an authorisation made under this section, but only to change the specification of an amount under subsection (2) , within the limit set out in subsection (3) .

Authorisation cannot be revoked

846A(5)    
The Minister cannot revoke an authorisation made under this section.

Authorisation or amendment not disallowable

846A(6)    
Section 42 (disallowance) of the Legislation Act 2003 does not apply to an authorisation or amendment made under this section.

When authorisation or amendment commences

846A(7)    
An authorisation or amendment made under this section commences at the time it is made.

846A(8)    
Section 12 of the Legislation Act 2003 does not apply to an authorisation or amendment made under this section.