Commonwealth Consolidated Acts

ABORIGINAL AND TORRES STRAIT ISLANDER ACT 2005 - SECT 193L

Power to borrow

  (1)   Subject to this section, the Indigenous Land and Sea Corporation may borrow money.

Borrowing

  (2)   The Indigenous Land and Sea Corporation must not borrow money in a financial year if the sum of:

  (a)   the proposed borrowing; and

  (b)   its current borrowings; and

  (c)   the total of its liabilities (whether actual or contingent) in respect of guarantees; and

  (d)   the current borrowings of its subsidiaries; and

  (e)   the total of the liabilities (whether actual or contingent) of its subsidiaries in respect of guarantees;

is more than the borrowing limit for the year.

Borrowing limit

  (3)   For the purposes of this section, the borrowing limit for a financial year is the amount worked out using the formula:

where:

"indexation factor" means the indexation factor for the financial year worked out under section   192Y.

Validity of transactions

  (9)   A failure to comply with subsection   (2) does not affect the validity of any transaction.

Section to be sole source of power to borrow

  (10)   The Indigenous Land and Sea Corporation must not borrow money except in accordance with this section.

Money not to be raised except by borrowing

  (11)   The Indigenous Land and Sea Corporation must not raise money except by borrowing.