South Australian Consolidated Acts South Australian Consolidated Acts11—Functions and powers of the Authority
(1) The functions of
the Authority are—
(a) to
develop and implement borrowing and investment programmes for the benefit of
semi-government authorities; and
(b) to
act as captive insurer of the Crown, including undertaking and carrying on in
South Australia and elsewhere the business of insurers, re-insurers and
co-insurers of all or any risks of the Crown; and
(c) to
provide advice to the Crown on issues relating to the insurance and management
of risks of the Crown; and
(d) to
engage in such other financial or insurance-related activities as are
determined by the Treasurer to be in the interests of the State.
(2) For the purposes
of this Act, the Authority may, with the approval of the Treasurer—
(a)
borrow money within or outside Australia; or
(c)
accept money on deposit or loan from the Treasurer or a
semi-government authority; or
(d) lend
or invest money held by the Authority; or
(e)
issue, sell, purchase, pay-off, repurchase, redeem, convert or otherwise deal
in or with securities or shares; or
(f) open
and maintain accounts with an ADI or any other financial institution within or
outside Australia; or
(g)
appoint an ADI or other person to act as underwriter, manager, trustee,
attorney or agent in connection with any transaction within or outside
Australia; or
(h)
enter into contracts of guarantee or indemnity; or
(i)
acquire, hold, deal with and dispose of real and personal
property; or
(ia)
enter into partnerships and joint ventures and form companies; or
(ib)
take out with other persons or bodies insurance or re-insurance of any class
of all or any risks of the Crown; or
(ic)
take such action as may be necessary or expedient to satisfy or compromise any
claims made against the Crown in respect of risks of the Crown (including
claims that may not necessarily be valid in law); or
(id)
take such action as may be necessary or expedient for the realisation,
enforcement, assignment or extinguishment of rights against third parties
arising out of or in connection with the Authority's captive insurance
function, including (for example) carrying on a third party's business as a
going concern; or
(ie) do
all acts necessary or convenient for enabling the Authority to carry out its
captive insurance function in any foreign jurisdiction, including obtaining
the registration or legal recognition of the Authority in foreign
jurisdictions; or
(j)
enter into any agreement or arrangement of a kind not previously mentioned in
this subsection or acquire or incur any other rights or liabilities; or
(k)
exercise any other powers that are necessary or expedient for the performance
of its functions.
(3) The approval of
the Treasurer under this section—
(a) may
be conditional; and
(b) may
relate to a proposed transaction or may relate to transactions of a particular
kind, or transactions generally, that the Authority may wish to enter into in
the future; and
(c) may
be varied or revoked by the Treasurer at any time in respect of transactions
not yet entered into.
(4) In this
section—
"Crown" means the Crown in right of South Australia and includes an
instrumentality or agency of the Crown (but does not include an
instrumentality or agency of the Crown declared by the Treasurer by notice in
the Gazette to be excluded from the ambit of this definition);
"risks of the Crown" includes—
(a) a
direct risk of the Crown; and
(b) a
risk accepted by the Crown; and
(c) a
risk arising under a guarantee or indemnity given by the Crown,
whether or not the risk relates to an officer, employee or agent of the Crown
or property owned by or held on behalf of the Crown.