Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Gold Corporation
has power to do all things necessary or convenient for the purpose of carrying
out its functions under this Act, subject to this Act.
(2) Without limiting
the generality of subsection (1), Gold Corporation may —
(a)
receive gold on current account, certificate of deposit or fixed deposit, or
in any other manner determined by Gold Corporation from time to time, within
Australia or elsewhere, and money in respect of business relating to gold;
(b)
subject to subsection (3), borrow, lease, buy or otherwise acquire and
sell, lend, lease or otherwise dispose of gold and other things containing or
associated with gold or the gold industry within Australia or elsewhere;
(c)
issue, buy, sell, and otherwise deal in, whether or not at a discount or a
premium, securities in relation to gold and enter into transactions
denominated in, convertible into, exchangeable with or otherwise related to
gold;
(d) for
the purposes of gold related transactions and of carrying out its functions
under this Act in relation to gold, but not for any other purpose, buy,
borrow, or otherwise acquire and sell, lend or otherwise dispose of, deal in
and hold Australian and foreign currency subject to such limits as the
Treasurer may impose;
(e) form
or establish, or participate in the formation or establishment of, and conduct
any business undertaking to promote the objects of this Act, and for that
purpose form, or associate with other persons in the formation of, and manage
companies, exercise any right conferred upon Gold Corporation to appoint a
director of or to hold office in such a business undertaking or company and
for that purpose provide staff, information and facilities;
(f)
engage or participate in industry relating to gold, either alone or with other
persons or bodies, for purposes related to the processing of tailings and
other processed substances containing gold;
(g) with
the prior approval of the Treasurer, and subject to such terms and conditions
as the Treasurer may approve, and not otherwise —
(i)
temporarily invest money standing to the credit of the
Account in such manner and categories of investment as are approved;
(ii)
operate banking accounts;
(iii)
borrow, whether for the purposes of paragraphs (b)
and (d) or of performing any other functions, money from a lender other than
the Treasurer;
and
(h) do
any thing incidental to the exercise of any such power.
(3) The Treasurer may
from time to time impose limits on —
(a) the
physical quantity of gold that Gold Corporation, the Mint or GoldCorp may
borrow or lease; and
(b) the
monetary value of currency, or of any liability related to currency, that Gold
Corporation, the Mint or GoldCorp may borrow or incur,
and for the purpose of
determining those limits the Board shall make known to the Treasurer its
recommendations as to the requirements of Gold Corporation, the Mint and
GoldCorp at least once in each financial year and at such other times as the
Treasurer may require.
(4) Moneys borrowed by
Gold Corporation, the Mint or GoldCorp under this Act shall not exceed in the
aggregate in any financial year such amount as the Treasurer approves, and the
powers to borrow conferred by this Act shall be construed subject to that
limitation.
[Section 11 amended by No. 10 of 1990
s. 6 and 13.]
[ 12. Deleted by No. 10 of 1990 s. 14.]