Commonwealth Consolidated Acts

FUTURE FUND ACT 2006 - SECT 23

             (1)  The Board must not borrow money for a purpose in connection with the Fund unless the borrowing is authorised by subsection (2) or (3).

             (2)  The Board is authorised to borrow money for a purpose in connection with the Fund if:

                     (a)  the purpose of the borrowing is to enable the Board to cover settlement of a transaction for the acquisition of one or more financial assets; and

                     (b)  at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and

                     (c)  the period of the borrowing does not exceed 7 days; and

                     (d)  if the borrowing were to take place, the total amount borrowed by the Board would not exceed 10% of the balance of the Fund.

             (3)  The Board is authorised to borrow money for a purpose in connection with the Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.