New South Wales Consolidated Acts

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) ACT 1987 - SECT 20

20 Power to enter joint financing arrangements

(1) An authority may enter a joint financing arrangement, on the recommendation of the Minister for the authority, and with the written approval of the Treasurer specifically given in the case of each arrangement.

(2) An authority may do all things necessary or convenient to be done in connection with a joint financing arrangement.

(3) In particular, but without limiting the power given by this section, the authority may do any one or more of the following:

(a) enter into any contract, agreement or other transaction,

(b) incur any obligations under a contract, agreement or other transaction,

(c) make any payment (including an advance) under a contract, agreement or other transaction,

(d) make any covenants or promises, including those which are absolute and unconditional,

(e) delegate any function of the authority to a participant in the arrangement,

(f) agree to the exercise of any function of the authority by a participant in the arrangement,

(g) agree not to exercise any function of the authority to the extent that an agreement for its exercise by a participant in the arrangement is in force,

(h) exercise such functions as are ancillary or incidental to the other functions in this subsection and approved by the Treasurer,

(i) do or effect by or through any entity controlled by the authority any of the things it is empowered to do under this Act.

(4) This section does not limit any function that the authority has apart from this section.

(5) However, an authority may enter a joint financing arrangement only in accordance with this section, unless the regulations otherwise provide.

(6) Despite the provisions of any other law, a participant with an authority in a joint financing arrangement may exercise any function of the authority (in accordance with the joint financing arrangement and in accordance with the Treasurer’s approval to that arrangement) as if the participant were the authority.