Australian Capital Territory Consolidated Acts

TERRITORY-OWNED CORPORATIONS ACT 1990 - SECT 33C

    (1)     A territory-owned corporation or subsidiary may invest any money that is not immediately needed for the purposes of the corporation or subsidiary—

        (a)     on deposit with an authorised deposit-taking institution; or

        (b)     in securities of the Territory, the Commonwealth or a State; or

        (c)     by the Treasurer, for the territory-owned corporation, in an investment mentioned in the Financial Management Act 1996 , section 38 (1) (a) to (e); or

        (d)     in any other investment approved by the directors of the corporation or subsidiary.

    (2)     Transfers of money for investment, including transfers between the territory banking account and the banking account of the territory-owned corporation or subsidiary to facilitate investment, may be made without appropriation.

    (3)     Interest received from the investment of money under this section must be paid to the banking account of the territory-owned corporation or subsidiary.

    (4)     However, if the investment is made or managed for the territory-owned corporation or subsidiary by a directorate, the directorate may deduct from interest received by the directorate for the investment—

        (a)     a fee for making or managing the investment; and

        (b)     expenses reasonably incurred by the directorate in making or managing the investment.

    (5)     Interest that is to be paid to the territory-owned corporation or subsidiary may be paid direct to the corporation or subsidiary or through the territory banking account.

    (6)     If interest to be paid to the territory-owned corporation or subsidiary is paid into the territory banking account, it may be transferred to the corporation or subsidiary without appropriation.

    (7)     This section does not apply to money held on trust by the territory-owned corporation or subsidiary.