Commonwealth Numbered Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1975 No. 4 of 1975 - SECT 19

19. After section 26 of the Principal Act the following section is inserted:-
National Investment Fund portfolio development.
''26A. (1) For the purpose of enabling the Corporation to acquire assets for,
and otherwise assist the operation of, the National Investment Fund, the
Corporation may, subject to sub-section (2), borrow moneys by the issue,
within Australia, of securities, which shall be known as National Investment
Fund Development Securities.

''(2) The Corporation shall not borrow moneys by the issue of securities
referred to in sub-section (1) if, as a result of the borrowing, the total
amount borrowed by the issue of such securities and not repaid would exceed
$100,000,000.

''(3) The Treasurer may guarantee the repayment of, and the payment of
interest on, moneys borrowed by the Corporation in accordance with sub-section
(1).

''(4) For the purpose of enabling the Corporation to acquire assets for the
National Investment Fund, the Treasurer may, out of moneys appropriated by the
Parliament for the purpose, make advances to the Corporation on such terms and
conditions as the Treasurer and the Minister determine.

''(5) The Board shall cause to be kept in the accounts of the Corporation a
separate account, which shall be called the National Investment Fund Portfolio
Development Account and to which moneys borrowed by the issue of securities
referred to in sub-section (1) or advanced to the Corporation by the Treasurer
under sub-section (4) shall be credited.

''(6) There shall also be credited to the National Investment Fund Portfolio
Development Account-

   (a)  income or profits derived from the investment of moneys standing to
        the credit of that Account; and

   (b)  any of the moneys constituting the Fund that are applied in respect of
        assets held by the Corporation under this section.

''(7) Subject to sub-section (11) of section 16 of the National Investment
Fund Act 1974, moneys standing to the credit of the National Investment Fund
Portfolio Development Account shall be applied only-

   (a)  in acquiring assets for the National Investment Fund;

   (b)  in payment or discharge of the expenses, charges and obligations
        incurred or undertaken by the Corporation in the acquisition and
        management of those assets;

   (c)  in repayment of, and in payment of interest on, moneys borrowed by or
        advanced to the Corporation under this section; and

   (d)  to the extent to which the moneys are not immediately required to be
        applied in accordance with paragraphs (a), (b) and (c)-in making
        temporary investments in such manner as the Board thinks fit.

''(8) Where the Treasurer advances moneys to the Corporation under this
section, those moneys shall not be taken into account for the purposes of
sub-section (3) of section 7.

''(9) Debts owed by the Corporation, other than debts owed by the Corporation
as a result of advances made to the Corporation by the Treasurer under this
section, shall be paid by the Corporation in priority to debts owed by the
Corporation as a result of such advances.

''(10) In this section, the 'National Investment Fund' means the National
Investment Fund constituted in accordance with the National Investment Fund
Act 1974.''.