Public Governance, Performance and Accountability Act 2013

CHAPTER 2 - COMMONWEALTH ENTITIES AND THE COMMONWEALTH  

PART 2-4 - USE AND MANAGEMENT OF PUBLIC RESOURCES  

Division 4 - Borrowing  

SECTION 57   BORROWING BY CORPORATE COMMONWEALTH ENTITIES  

57(1)    
An agreement for the borrowing of money by a corporate Commonwealth entity (including by obtaining an advance on overdraft or obtaining credit by way of credit card or credit voucher) is of no effect unless:

(a)    

borrowing by the entity is expressly authorised by or under an Act; or

(b)    the borrowing is authorised by the Finance Minister in writing; or

(c)    the borrowing is authorised by the rules.

57(2)    

An authorisation under paragraph (1)(b) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to it.