Public Governance, Performance and Accountability Act 2013

CHAPTER 2 - COMMONWEALTH ENTITIES AND THE COMMONWEALTH  

PART 2-4 - USE AND MANAGEMENT OF PUBLIC RESOURCES  

Division 5 - Investment  

SECTION 59   INVESTMENT BY CORPORATE COMMONWEALTH ENTITIES  

59(1)    
A corporate Commonwealth entity must not invest relevant money for which the entity is responsible unless:

(a)    the money is not immediately required for the purposes of the entity; and

(b)    

the money is invested:

(i) on deposit with a bank, including a deposit evidenced by a certificate of deposit; or

(ii) in securities of, or securities guaranteed by, the Commonwealth, a State or a Territory; or

(iii) in any other form of investment authorised by the Finance Minister in writing; or

(iv) in any other form of investment prescribed by the rules; or

(v) for a government business enterprise - in any other form of investment that is consistent with sound commercial practice.

59(2)    
A spending limit provision in the corporate Commonwealth entity ' s enabling legislation does not apply to a contract for the investment of money under subsection (1) , unless the provision expressly states that it applies to such a contract.

59(3)    
A spending limit provision in a corporate Commonwealth entity ' s enabling legislation is a provision in that legislation to the effect that the entity must not enter into a contract involving the expenditure or payment of more than a specified amount of money without the approval of a specified person.

59(4)    

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