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PUBLIC GOVERNANCE, PERFORMANCE AND ACCOUNTABILITY ACT 2013 - SECT 59 Investment by corporate Commonwealth entities

PUBLIC GOVERNANCE, PERFORMANCE AND ACCOUNTABILITY ACT 2013 - SECT 59

Investment by corporate Commonwealth entities

  (1)   A corporate Commonwealth entity must not invest relevant money for which the entity is responsible unless:

  (a)   the money is not immediately required for the purpo ses of the entity; and

  (b)   the money is invested:

  (i )   on deposit with a bank , including a deposit evidenced by a certificate of deposit ; or

  (ii )   in securities of, or securities guaranteed by, the Commonwealth, a State or a Territory; or

  (iii)   in any other form of investment authorised by the Finance Minister in writing; or

  (iv)   in any other form of investment prescribed by the rules; or

  (v)   for a government business enterprise--in any other form of investment that is consistent with sound commercial practice.

  (2)   A spending limit provision in the corporate Commonwealth entity's enabling legislation does not apply to a contract for the investment of money under subsection   ( 1), unless the provision expressly states that it applies to such a contract.

  (3)   A spending limit provision in a corporate Commonwealth entity's enabling legislation is a provision in that legislation to the effect that the entity must not enter into a contract involving the expenditure or payment of more than a specified amount of money without the approval of a specified person.

  (4)   An authorisation under subparagraph   ( 1)(b)(iii) is a legislative instrument, but section   42 (disallowance) of the Legislation Act 2003 does not apply to it.