ROYAL MELBOURNE INSTITUTE OF TECHNOLOGY ACT 2010 (NO. 3 OF 2010) - SECT 45 Borrowing powers

ROYAL MELBOURNE INSTITUTE OF TECHNOLOGY ACT 2010 (NO. 3 OF 2010) - SECT 45

    (1)     Subject to this Act, for the purpose of carrying out or performing any of its powers, authorities, duties or functions, the University may—

        (a)     borrow money at interest by way of mortgage, overdraft with an ADI or otherwise; or

        (b)     without limiting paragraph (a)—

              (i)     obtain financial accommodation within the meaning of section 3 of the Borrowing and Investment Powers Act 1987 ; or

              (ii)     enter into and perform financial arrangements within the meaning of that section of that Act.

Note

Section 38 of the Interpretation of Legislation Act 1984 defines ADI as an authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth.

    (2)     Subsection (1) applies within the limits and upon the conditions as to security and otherwise that the Treasurer, from time to time, approves after consultation with the Minister.