Queensland Consolidated Acts Queensland Consolidated Acts(1) Subject to subsection (3), the Corporation, in the attainment of its objectives and the discharge of its functions under this Act, has the power to make loans or advances or enter into any other financial arrangements either in Queensland or elsewhere as a lender or as a party in the nature of a lender or as the provider of financial accommodation, as it thinks fit.
(1A) Such financial arrangements may be--
(a) with or without security; and
(b) at such rate of interest (if any) and for the payment of such other consideration (if any) as the Corporation thinks fit; and
(c) on such terms as to repayment and otherwise as the Corporation thinks fit.
(2) Financial arrangements made in accordance with subsection (1) may be made--
(a) with the Treasurer; or
(b) with statutory bodies; or
(c) with other persons.
(3) The Governor in Council may at any time prior to the Corporation's entering into a financial arrangement under this section impose limits on or determine conditions for that financial arrangement and the Corporation shall comply with such limits or conditions.
(4) A failure by the Corporation to comply with subsection (3) shall not invalidate the relevant financial arrangement which shall be enforceable by all the parties thereto in accordance with its terms.
(5) Unless an Act specifies that this subsection (5) shall not apply, then notwithstanding any requirement of that Act, when the Corporation enters into a financial arrangement with a statutory body under this section it shall not be necessary for that statutory body to obtain the approval of the Governor in Council.