Western Australian Consolidated Acts

STATE SUPERANNUATION ACT 2000 - SECT 24

24 .         Borrowing

        (1)         The Board cannot borrow money unless —

            (a)         the borrowing is —

                  (i)         for the purpose of overcoming a cash flow problem in the payment of benefits; or

                  (ii)         for a purpose approved by the Treasurer;

                and

            (b)         the terms of the borrowing have been approved by the Treasurer; and

            (c)         the borrowing complies with the Treasurer’s guidelines.

        (2)         When borrowing money the Board may give any security it considers appropriate.

        (3)         In this section —

        "borrow money" means borrow or raise money, obtain credit or arrange for other financial accommodation, and includes to re-borrow or obtain advances.

        [Section 24 amended by No. 25 of 2007 s. 19(1).]