Commonwealth Consolidated Acts

NORFOLK ISLAND ACT 1979 - SECT 50A

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

                     (a)  guaranteeing the repayment by the Administration of money borrowed under paragraph 50(1)(a) and the payment by the Administration of interest (including any interest on that interest) on money so borrowed; or

                     (b)  guaranteeing the payment by the Administration of such amounts (which may be interest) that the Administration is liable to pay with respect to money raised under paragraph 50(1)(b) as are specified in the contract.

             (2)  The Finance Minister may, in writing, determine:

                     (a)  that the repayment by the Administration of money borrowed under paragraph 50(1)(a), and the payment by the Administration of interest (including any interest on that interest) on money so borrowed, are guaranteed by the Commonwealth; or

                     (b)  that the payment by the Administration of such money (which may be interest) that the Administration is liable to pay with respect to money raised under paragraph 50(1)(b) as is specified in the determination is guaranteed by the Commonwealth;

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 contract may be entered into under subsection (1), and a determination may be made under subsection (2), in relation to a particular transaction or in relation to transactions included in a class of transactions.

             (4)  A contract entered into under subsection (1) may include either or both of the following provisions:

                     (a)  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 country other than Australia;

                     (b)  a provision waiving, on behalf of the Commonwealth, the immunity of the Commonwealth from suit in the courts, or a specified court, of a country other than Australia in relation to any proceedings that may be taken under the contract.