Queensland Consolidated Acts Queensland Consolidated Acts(1) Financial accommodation may be provided by the Corporation to a statutory body (the debt assumption arrangement) by way of the Corporation taking over the body's payment or repayment obligations for a financial arrangement entered into by the body with another person under the Statutory Bodies Financial Arrangements Act 1982 or another Act.
(2) A document for the debt assumption arrangement may provide--
(a) the body must transfer funds held by it to the Corporation; or
(b) a person holding funds for the body must transfer the funds to the Corporation.
(3) Within 14 days of the Corporation giving written notice to the body or a person requiring the transfer of funds under the debt assumption arrangement, the body or person must transfer the funds to the Corporation.
(4) The Corporation may hold the funds for any use or purpose the Corporation considers fit and any of the following limitations or requirements cease to apply to the funds--
(a) a limitation on the use or purpose of the funds;
(b) a requirement that the funds must be used for a particular purpose;
(c) a requirement for a sinking fund to be kept or the body to make contributions to a sinking fund.
(5) This section applies despite an Act, subordinate legislation, debenture, prospectus or other document.
(6) In this section--
funds means amounts in a sinking fund.
sinking fund means a fund, established and held by or for a statutory body, for servicing the body's payment or repayment obligations under a financial arrangement.