WHEAT MARKETING ACT 1989No. 58, 1989 - SECT 70 Investment

WHEAT MARKETING ACT 1989No. 58, 1989 - SECT 70

70. (1) Money of the Board (other than pool funds) not immediately required
for the purposes of the Board may be invested:

   (a)  on deposit with an approved bank;

   (b)  in Commonwealth securities; or

   (c)  in any other manner consistent with sound commercial practice.

(2) Pool funds are funds earned by the Board from the sale or disposal of
pool return wheat or funds obtained under a borrowing to which subsection 78
(1) applies.

(3) Pool funds not immediately required for the purposes of the Board may be
invested:

   (a)  on deposit with an approved bank;

   (b)  in Commonwealth securities; or

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

(4) In this section:

"approved bank" means:

   (a)  the Reserve Bank of Australia;

   (b)  a bank within the meaning of subsection 5 (1) of the Banking Act  1959
        ; (c) a bank established by or under a State Act; or

   (d)  a bank approved for the purposes of this section by the Treasurer or
        by a person authorised by the Treasurer to give approvals for the
        purposes of this section.