Commonwealth Numbered Acts

AUSTRALIAN HORTICULTURAL CORPORATION ACT 1987 No. 164 of 1987 - SECT 52

52. (1) The Corporation may, with the written approval of the Minister:

   (a)  borrow money; or

   (b)  raise money otherwise than by borrowing; on terms and conditions that
        are specified in, or consistent with, the approval.

(2) Without limiting the generality of subsection (1), the Corporation may,
under that subsection, borrow money, or raise money otherwise than by
borrowing, by dealing with securities.

(3) A borrowing of money, or a raising of money otherwise than by borrowing,
under subsection (1) may be made, in whole or in part, in a currency other
than Australian currency.

(4) An approval may be given under subsection (1) in relation to a particular
transaction or transactions in a class of transactions.

(5) The Corporation may not borrow money, or raise money otherwise than by
borrowing, except in accordance with this section.

(6) For the purposes of this section:

   (a)  the issue by the Corporation of an instrument acknowledging a debt in
        consideration of:

        (i)    the payment or deposit of money; or

        (ii)   the provision of credit;
otherwise than in relation to a transaction that is in the ordinary course of
the day to day operations of the Corporation, shall be deemed to be a raising
by the Corporation, otherwise than by borrowing, of an amount of money equal
to the amount of the money paid or deposited or the value of the credit
provided, as the case may be; and

   (b)  the obtaining of credit by the Corporation otherwise than in relation
        to a transaction that is in the ordinary course of the day to day
        operations of the Corporation shall be deemed to be a raising by the
        Corporation, otherwise than by borrowing, of an amount of money equal
        to the value of the credit so obtained.