Commonwealth Consolidated Acts

AUSTRALIAN BROADCASTING CORPORATION ACT 1983 - SECT 70C

             (1)  The Finance Minister may, on behalf of the Commonwealth, enter into a contract that:

                     (a) guarantees the repayment of money borrowed under paragraph 70B(1)(a) and the payment of interest on that money; or

                     (b)  guarantees the payment of an amount that the Corporation is liable to pay in relation to money raised under paragraph 70B(1)(b).

             (2)  The Finance Minister may determine:

                     (a)  that the Commonwealth guarantees the repayment of money borrowed under paragraph 70B(1)(a) and the payment of interest on that money; or

                     (b)  guarantees the payment of an amount that the Corporation is liable to pay in relation to money raised under paragraph 70B(1)(b);

and, where the Finance Minister makes such a determination, the repayment of that money and the payment of that interest are, or the payment of that money is, by force of this subsection, guaranteed by the Commonwealth.

             (3)  A determination under subsection (2) shall be in writing.

             (4)  The amounts referred to in paragraphs (1)(b) and (2)(b) may be amounts of interest.

             (5)  A contract may be entered into under subsection (1), and a determination may be made under subsection (2), either:

                     (a)  in relation to a particular transaction; or

                     (b)  in relation to all transactions in a particular class of transactions.

             (6)  A contract entered into under subsection (1) may include a provision agreeing, on behalf of the Commonwealth, that proceedings under the contract may be taken in the courts, or a specified court, of a foreign country.

             (7)  A contract entered into under subsection (1) may include a provision waiving the immunity of the Commonwealth from suit in the courts, or a specified court, of a foreign country in relation to any proceedings under the contract.