Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Investments for the purposes of the Corporation's investment function, made directly by the Corporation or directly by a subsidiary of the Corporation ( section 63 investments ), must only be made by way of acquisition of financial assets.
(2) A reference in this Act to a financial asset is a reference to:
(a) an asset that, in accordance with GFS Australia, is treated as a financial asset for the purposes of the GFS system in Australia; or
(b) an asset specified in regulations made for the purposes of this paragraph;
but does not include a reference to an asset that, under the regulations, is taken to be a non - financial asset for the purposes of this Act.
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .
(3) If an asset held by the Corporation for the purposes of the Corporation's investment function ceases to be, or never was, a financial asset:
(a) the Corporation must realise the asset as soon as practicable after the Corporation becomes aware that the asset has ceased to be, or never was, a financial asset; and
(b) this Act (other than this subsection) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had been, or had remained, a financial asset, and an investment for the purposes of the Corporation's investment function, at all times until the realisation.
(4) Subsection (3) applies to a subsidiary of the Corporation in the same way as it applies to the Corporation.
(5) Subsection (1) does not apply in relation to the giving of guarantees.
Note: For guarantees, see section 69.