57. Borrowing by corporate Commonwealth entities

(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.

(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.

Last updated: 19 April 2016