Victorian Consolidated Legislation

Borrowing and Investment Powers Act 1987 - SECT 3

Definitions

3. Definitions



(1) In this Act-

arrangement means any agreement, arrangement, understanding, promise or
undertaking whether express or implied or any transaction;

Australia means the Commonwealth of Australia and includes the territories of
the Commonwealth;

authorised deposit-taking institution has the same meaning as in the
Banking Act 1959 of the Commonwealth;



authority means a body, person or persons specified in column 1 of an item in
Schedule 1;



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financial accommodation means a financial benefit or assistance to obtain a
financial benefit arising from or as a result of-

   (a)  a loan;

   (b)  issuing, endorsing or otherwise dealing in promissory notes;

   (c)  drawing, accepting, endorsing or otherwise dealing in bills of
        exchange;

   (d)  issuing, purchasing or otherwise dealing in securities;

   (e)  granting or taking a lease of any real or personal property for
        financing but not for operating purposes;

   (f)  any other arrangement that the Governor in Council on the
        recommendation of the Treasurer approves;

financial arrangement means an arrangement establishing rights and obligations
to receive or deliver property the value of which, or to receive or make a
payment in an amount which, or the value of which-

   (a)  depends on, or is derived from, the value, or price, at a particular
        future time or during a particular future period, of particular
        property, rights or liabilities; or

   (b)  depends on, or is derived by reference to, a particular rate, index or
        other factor at a particular future time or during a particular future
        period;

invest includes enter into a transaction or arrangement for the protection or
enhancement of investments;

lease means-

   (a)  any lease, licence, charter or hiring arrangement of any real or
        personal property; or

   (b)  any arrangement under which a right to use, operate, manage or provide
        services in respect of any real or personal property is granted by the
        owner to another person;

prescribed means prescribed by the regulations;

property means any legal or equitable estate or interest (whether present or
future and whether vested or contingent) in real or personal property of any
description;

security includes inscribed stock and debenture, bond, debenture stock, notes
or any other document creating, evidencing or acknowledging indebtedness in
respect of financial accommodation whether constituting a charge on property
of an authority or not.

(2) An approval given under this Act may be given unconditionally or subject
to such conditions as the Governor in Council or the Treasurer, as the case
may be, thinks fit.