Commonwealth Consolidated Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970 - SECT 7

             (1)  Subject to subsection (3), the Corporation has power to do all things necessary or convenient to be done for or in connexion with the performance of its functions.

             (2)  Without limiting the generality of subsection (1) but subject to subsection (3), the powers of the Corporation include power:

                     (a)  to borrow moneys;

                     (b)  to lend moneys;

                    (ba)  to draw, make, accept, indorse and discount bills of exchange and promissory notes;

                    (bb)  to enter into:

                              (i)  arrangements known as swaps, foreign exchange agreements, forward rate agreements, option agreements, futures agreements or hedge agreements; or

                             (ii)  arrangements having a similar purpose or effect;

                     (c)  to form, or participate in the formation of, a company;

                     (d)  to subscribe for or otherwise acquire, and to dispose of, shares in, or debentures or other securities of, a company;

                     (e)  to enter into a partnership or an arrangement for sharing of profits;

                      (f)  to give guarantees and indemnities;

                     (g)  to underwrite issues of shares in, or debentures or other securities of, a company;

                     (h)  to appoint agents and attorneys;

                    (ha)  to act as trustee;

                      (j)  to act as agent for other persons; and

                     (k)  to do anything incidental to any of its powers.

          (2A)  Subsections (1) and (2) have effect subject to section 9 (which deals with directions to the Corporation).

             (3)  Before the designated time, the consolidated borrowings of the Corporation and its subsidiaries (other than borrowings for temporary purposes) shall not exceed 15 times the consolidated capital, and retained profits, accumulated losses and other reserves, of the Corporation and its subsidiaries.