Public Governance, Performance and Accountability Act 2013
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.
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