Commonwealth Numbered Acts

PRIMARY INDUSTRIES AND ENERGY LEGISLATION AMENDMENT ACT 1990 No. 134, 1990 - SECT 39

39. Section 31 of the Principal Act is repealed and the following section is
substituted: Contracts

"31. (1) The Authority must not enter into any contract involving the payment
or receipt of an amount exceeding $500,000.

"(2) Subsection (1) does not apply if:

   (a)  the Minister has approved of the Authority entering into the contract;
        or

   (b)  the contract relates to the investment of money not immediately
        required for the purposes of the Authority:

   (i)  in securities of, or guaranteed by, the Commonwealth; or

   (ii) on deposit with an approved bank; or

   (iii) in any other manner approved by the Treasurer.

"(3) For the purposes of subsection (2): `approved bank', in relation to the
Authority, means a bank as defined in subsection 5 (1) of the Banking Act 1959
or another bank declared by the Treasurer or a person authorised by the
Treasurer to give approvals under this subsection to be an approved bank in
relation to the Authority.".