Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to section 153 and Division 8, Indigenous Business Australia has power to do all things that are necessary or convenient to be done for or in connection with the performance of its functions.
(2) The powers of Indigenous Business Australia under subsection (1) include, but are not limited to, the following powers:
(a) to enter into contracts (including contracts for the provision of business or housing loans);
(aa) to make grants for purposes associated with business loans or housing loans;
(b) to invest money of Indigenous Business Australia;
(c) to appoint agents and attorneys, and act as an agent for other persons;
(d) to form, and participate in the formation of, companies;
(e) to subscribe for and purchase shares in, and debentures and other securities of, companies;
(f) to enter into partnerships;
(g) to participate in joint ventures and arrangements for the sharing of profits;
(h) to accept gifts, grants, bequests and devises made to it;
(j) to act as trustee of money and other property vested in it on trust;
(k) to charge for the provision of services by it.
(2A) Despite any other provision of this Act, in making a housing loan or business loan, or in making a grant, or giving a guarantee in relation to such a loan, Indigenous Business Australia must be satisfied that the making of the grant or loan, or the giving of the guarantee, will further the social, economic or cultural development of Aboriginal persons or Torres Strait Islanders.
(2B) A grant or loan made by Indigenous Business Australia is subject to such terms and conditions as Indigenous Business Australia determines.
(3) In spite of anything contained in this Act, any money or other property held by Indigenous Business Australia on trust shall be dealt with in accordance with the powers and duties of Indigenous Business Australia as trustee.
(4) The powers of Indigenous Business Australia may be exercised within or outside Australia.