Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Corporation has the following functions:
(a) to administer farm business loans, including by:
(i ) provid ing such loans to farm businesses, subject to relevant lendin g criteria being satisfied; and
(ii) consulting with commercial lenders and other industry bodies representing persons likely to seek a loan; and
(i i i ) determining , in accordance with the strategies and policies decided by the Board, the terms and conditions on which approved loans are provided; and
( i v ) taking security for approved loans; and
( v ) ch arging for transaction costs incurre d by the Corporation in relation to an approved loan; and
( v i ) managing approved loans , and if required, enforcing the security taken for an approved loan ; and
(vii) reviewing loans provided, and the terms and conditions on which approved loans are provided, periodically;
(b) to administer , on behalf of the Commonwealth, financial assistance granted before the start day to States and Te rritories in relation to water infrastructure projects;
(c) to administer , on behalf of the Commonwealth, financial assistance to States and Territories in relation to water infrastructure projects, including by :
(i) liais ing , negotiat ing and cooperat ing with States and Territories and other parties on possible water infrastructure projects; and
(ii) providing advice to responsible Ministers on a water infrastructure project ; and
(iii) implementing directions of the responsible Ministers under subsection 12(3 ) to enter into agreements , on behalf of the Commonwealth, for the grant of financial assistance to States or Territories in relation to water infrastructure projects; and
( iv ) review ing financial assistance granted, and the terms and conditions on which such financial assistance is granted, periodically;
(d) to set , and adjust as required, the interest rate s applicable to loans and financial assistance ;
(e) on its own initiative or at the request of a responsible Minister--to provide advice to the responsible Minister on the activities that are or could be undertaken by the Corporation;
(f) to provide advice and assistance to :
(i) borrowers in relation to approved loans; or
(ii) prospective borrowers in relation to loans;
(g) to administer programs prescribed by the rules ;
(h) any other functions conferred on the Corporation by this Act , the rules or any other Commonwealth law ;
(i) to do anything incidental to, or conducive to, the performance of the above functions.
(2) In performing its functions, the Corporation must act in a proper, efficient and effective manner.
Note: See also section 13 (compliance with directions) .
When certain functions take effect
(3) The Corporation is to perform:
(a) the function mentioned in paragraph ( 1)(a) from 1 July 2018 or an earlier day specified by the responsible Ministers in an instrument under paragraph ( 4 ) (a); and
(b) the function mentioned in paragraph ( 1)(b) from 1 July 2018 or an earlier day specified by the responsible Ministers in an instrument under paragraph ( 4)(b); and
(c) the function mentioned in paragraph ( 1)(c) from 1 July 2018 or an earlier day specified by the responsible Ministers in an instrument under paragraph ( 4)(c).
( 4 ) The responsible Ministers may, by legislative instrument, specify a da y before 1 July 2018 from which the Corporation is to perform :
(a) the function mentioned in paragraph ( 1)(a); or
(b) t he function mentioned in paragraph ( 1)(b) ; or
(c) the function mentioned in paragraph ( 1)(c).
Additional programs
(5 ) For the purposes of paragraph ( 1)( g ), t he rules may prescribe one or more program s to be administered by the Corporation, and if the rules do so :
(a) they must address the constitut ional basis for each program ; and
(b) they may :
(i) allow for the charging of transaction costs incurred by the Corporation in relation to a program; or
(ii) specify matters relating to a program to be included in the annual report prepared by the Board under section 46 of the Public Governance, Performance and Accountability Act 2013 ; or
(iii) allow for the responsible Ministers to give written directions to the Corporation in relation to a program.