Commonwealth Numbered Acts

PUBLIC GOVERNANCE, PERFORMANCE AND ACCOUNTABILITY ACT 2013 (NO. 123, 2013) - SECT 59

             (1)  A corporate Commonwealth entity must not invest relevant money for which the entity is responsible unless:

                     (a)  the money is not immediately required for the purposes of the entity; and

                     (b)  the money is invested:

                              (i)  on deposit with a bank, including a deposit evidenced by a certificate of deposit; or

                             (ii)  in securities of, or securities guaranteed by, the Commonwealth, a State or a Territory; or

                            (iii)  in any other manner approved by the Finance Minister in writing; or

                            (iv)  for a government business enterprise--in any other manner that is consistent with sound commercial practice.

             (2)  A spending limit provision in the corporate Commonwealth entity's enabling legislation does not apply to a contract for the investment of money under subsection (1), unless the provision expressly states that it applies to such a contract.

             (3)  A spending limit provision in a corporate Commonwealth entity's enabling legislation is a provision in that legislation to the effect that the entity must not enter into a contract involving the expenditure or payment of more than a specified amount of money without the approval of a specified person.