Statutory Bodies Financial Arrangements Act 1982Reprint noteThis is the last reprint before repeal. Repealed on 9 August 2019 by 2019 SL No. 148 s 14.Statutory Bodies Financial Arrangements Regulation 20071Short titleThis regulation may be cited as the Statutory Bodies Financial Arrangements Regulation 2007.2Entities that are not statutory bodies—Act, s 6(1)For section 6(1)(j) of the Act, the entities stated in schedule 1, column 2, are declared not to be statutory bodies.(2)The authorising Act for each entity is stated opposite the entity in column 1 of the schedule.s 2 amd 2015 SL No. 183 s 33Prescribed rate of interest—Act, s 23For section 23(b) of the Act, interest is calculated on a daily basis using the Reserve Bank of Australia’s official cash rate for the day.Editor’s note—The Reserve Bank of Australia’s official cash rate is published on the bank’s website.4Financial accommodation—Act, s 32(1)An operating lease entered into by a local government is a form of financial accommodation for the definition borrow.(2)Subsection (1) applies whether or not the operating lease is entered into by the local government in the ordinary course of performing its functions.5Statutory bodies that may borrow under the Act, pt 5—Act, s 33(1)The statutory bodies stated in schedule 2, column 2, are declared to be statutory bodies that may borrow under the Act, part 5.(2)The authorising Act for each statutory body is stated opposite the body in column 1 of the schedule.Note—If a statutory body does not have a particular name or the name is difficult to locate in the authorising Act for the body, the relevant section in the authorising Act or other reference helpful to the reader is also stated in column 1.6Allocation of investment powers to statutory bodies—Act, s 42(1)For part 6 of the Act, this section allocates investment power to statutory bodies.(2)Category 1 investment power is allocated to the statutory bodies stated in schedule 3, column 2.(3)Category 2 investment power is allocated to the statutory bodies stated in schedule 4, column 2.(4)Category 3 investment power is allocated to the statutory bodies stated in schedule 5, column 2.(5)If section 42(3) of the Act applies to a statutory body, both the body and the relevant fund or funds are stated in column 2 of the relevant schedule.(6)The authorising Act for each statutory body stated in schedule 3, 4 or 5 is stated opposite the body in column 1 of the schedule.(7)In schedule 3, column 2, the statutory body called the banker means the banker under the Aboriginal and Torres Strait Islander Communities (Justice, Land and Other Matters) Act 1984, section 57.s 6 sub 2008 SL No. 55 s 47Category 1 investment power—Act, s 44(1)(d)For section 44(1)(d) of the Act, the prescribed investment arrangements are stated in schedule 6.8Category 1 investment power—Act, s 44(1)(e)(1)For section 44(1)(e) of the Act, the rating prescribed for an investment arrangement is—
  • (a)a rating by Fitch Ratings of F1+ or F1; or
  • (b)a rating by Moody’s Investors Service of Prime-1 (P-1); or
  • (c)a rating by Standard & Poor’s of A-1+, A-1, AAm or AAAm.
    • (2)In this section—Fitch Ratings means Fitch Australia Pty Ltd ACN 081 339 184 or another entity that carries on the business of assigning credit ratings under the trading name Fitch Ratings.Moody’s Investors Service means Moody’s Investors Service Pty Limited ACN 003 399 657 or another entity that carries on the business of assigning credit ratings under the trading name Moody’s Investors Service.Standard & Poor’s means Standard & Poor’s (Australia) Pty Ltd ACN 007 324 852 or another entity that carries on the business of assigning credit ratings under the trading name Standard & Poor’s.s 8 amd 2015 SL No. 183 s 4    9Category 2 investment power—Act, s 45(b)(iv)For section 45(b)(iv) of the Act, the prescribed investment arrangements are stated in schedule 7.10Category 2 investment power—Act, s 45(c)(1)For section 45(c) of the Act, the rating prescribed for an investment arrangement is—
  • (a)a rating by Fitch Ratings of AA, AA+ or AAA; or
  • (b)a rating by Moody’s Investors Service of Aa2, Aa1 or Aaa; or
  • (c)a rating by Standard & Poor’s of AA, AA+ or AAA.
    • (2)However, a rating mentioned in subsection (1)(b) is not prescribed for an investment arrangement if the arrangement applies to a bond mutual fund.(3)A bond mutual fund is an investment arrangement structured as a unit investment trust—
  • (a)with underlying assets that are—
  • (i)in a range of short to medium and long-term securities, with a predominant emphasis on fixed term securities; and
  • (ii)valued on a mark-to-market basis; and
  • (b)the units in which are redeemable at a value based on the market valuation of the underlying assets of the fund.Note—Bond mutual funds are to be distinguished from cash mutual funds. For cash mutual funds, the underlying assets are predominantly in short-term securities. The units in the relevant unit investment trust are redeemable at par or face value on an at call basis. Income from the investment is a return paid separately as appropriate.
    • (4)In this section—Fitch Ratings see section 8(2).Moody’s Investors Service see section 8(2).Standard & Poor’s see section 8(2).s 10 amd 2015 SL No. 183 s 5    11Statutory bodies that may enter into derivative transactions—Act, s 53(1)For section 53(2) of the Act, the statutory bodies stated in schedule 8, column 2, are prescribed as statutory bodies that may enter into derivative transactions.(2)The authorising Act for each statutory body is stated opposite the body in column 1 of the schedule.12Periodic reports to Treasurer about derivative transactions—Act, s 55(1)This section prescribes, for section 55(1) of the Act, the times at which a statutory body must give the Treasurer a report about a derivative transaction.(2)If the duration of the derivative transaction is 90 days or more, the statutory body must give a report—
  • (a)for the duration of the transaction—
  • (i)at the intervals, of not more than 3 months, decided by the Treasurer and stated in the Treasurer’s approval for the transaction; or
  • (ii)if subparagraph (i) does not apply—on the first day of each quarter; and
  • (b)on the first day of the calendar month immediately after completion of the transaction.
    • (3)However, if, under subsection (2)(a)(ii), the statutory body would be required to give a report on a day that is less than 14 days after the day the derivative transaction was entered into, the statutory body is not required to give the report.(4)If the duration of the derivative transaction is less than 90 days, the statutory body must give a report on the first day of the calendar month immediately after completion of the transaction.(5)In this section—quarter means a period of 3 months starting on 1 January, 1 April, 1 July or 1 October.Treasurer’s approval, for a derivative transaction, means the approval given by the Treasurer under part 9, division 2 or 3 of the Act for a statutory body to enter into the transaction.s 12 amd 2015 SL No. 183 s 6    13Prescribed conditions of special guarantee—Act, s 82For section 82(3) of the Act, the conditions prescribed for special guarantees are stated in schedule 9.14RepealThe Statutory Bodies Financial Arrangements Regulation 1997, SL No. 129 is repealed.15Transitional provision for Statutory Bodies Financial Arrangements Amendment Regulation (No. 1) 2015(1)This section applies in relation to a derivative transaction entered into by a statutory body under part 7, division 1 of the Act before the commencement.(2)Despite the Statutory Bodies Financial Arrangements Amendment Regulation (No. 1) 2015, section 6, previous section 12 continues to apply in relation to the derivative transaction.(3)In this section—previous section 12 means section 12 as in force immediately before the commencement.s 15 ins 2015 SL No. 183 s 7    Schedule 1Entities that are not statutory bodiessection 2Column 1Column 2Authorising ActEntityAboriginal Land Act 1991•a land trust formed under part 3 of the Aboriginal Land Regulation 1991•an Aboriginal land claim association incorporated under the Aboriginal Land Regulation 1991Torres Strait Islander Land Act 1991•land trust formed under part 3 of the Torres Strait Islander Land Regulation 1991•Torres Strait Islander land claim association incorporated under the Torres Strait Islander Land Regulation 1991
    Schedule 2Statutory bodies that may borrow under part 5 of the Actsection 5Column 1Column 2Authorising ActStatutory bodyAboriginal and Torres Strait Islander Communities (Justice, Land and Other Matters) Act 1984Community Enterprise QueenslandCentral Queensland University Act 1998Central Queensland UniversityChicken Meat Industry Committee Act 1976Chicken Meat Industry CommitteeCity of Brisbane Act 2010Brisbane City CouncilCross River Rail Delivery Authority Act 2016Cross River Rail Delivery AuthorityEconomic Development Act 2012MEDQEducation (General Provisions) Act 2006parents and citizens associationsEducation (Queensland College of Teachers) Act 2005Queensland College of TeachersEducation (Queensland Curriculum and Assessment Authority) Act 2014Queensland Curriculum and Assessment AuthorityFood Production (Safety) Act 2000Safe Food Production QLDGrammar Schools Act 1975 (see section 7)boards of trusteesGriffith University Act 1998Griffith UniversityHospitals Foundations Act 1982 (see part 3)bodies corporate (Foundations and Trusts)James Cook University Act 1997James Cook UniversityLand Act 1994 (see section 44)trustees of trust landLegal Aid Queensland Act 1997Legal Aid QueenslandLocal Government Act 2009a corporate entityLocal Government Act 2009local governmentsMt. Gravatt Showgrounds Act 1988Mt Gravatt Showgrounds TrustNational Injury Insurance Scheme (Queensland) Act 2016National Injury Insurance Agency, QueenslandNational Trust of Queensland Act 1963The National Trust of QueenslandQueensland Agricultural Training Colleges Act 2005Queensland Agricultural Training CollegesQueensland Institute of Medical Research Act 1945The Council of The Queensland Institute of Medical ResearchQueensland Museum Act 1970Board of the Queensland MuseumQueensland Performing Arts Trust Act 1977Queensland Performing Arts TrustQueensland Rail Transit Authority Act 2013AuthorityQueensland Theatre Company Act 1970Queensland Theatre CompanyQueensland University of Technology Act 1998Queensland University of TechnologyRacing Act 2002Racing Queensland BoardRacing Integrity Act 2016Queensland Racing Integrity CommissionRiver Improvement Trust Act 1940 (see section 4)trustsRural and Regional Adjustment Act 1994QRAASouth Bank Corporation Act 1989South Bank CorporationSouth-East Queensland Water (Distribution and Retail Restructuring) Act 2009any distributor-retailer established under the authorising ActSouth East Queensland Water (Restructuring) Act 2007Queensland Bulk Water Supply AuthorityTAFE Queensland Act 2013TAFE QueenslandTourism and Events Queensland Act 2012Tourism and Events QueenslandUniversity of Queensland Act 1998The University of QueenslandUniversity of Southern Queensland Act 1998University of Southern QueenslandUniversity of the Sunshine Coast Act 1998University of the Sunshine CoastWater Act 2000water authoritiesWorkers’ Compensation and Rehabilitation Act 2003Workers’ Compensation Regulatory Authority
    sch 2 amd 2007 Act No. 58 s 117sch 2; 2008 SL No. 55 s 5; 2008 SL No. 81 s 37; 2008 SL No. 183 s 11; 2008 SL No. 210 s 5; 2009 Act No. 46 s 123; 2010 SL No. 335 s 3; 2011 SL No. 68 s 3; 2012 SL No. 217 s 11; 2012 SL No. 240 s 3(2) sch; 2013 SL No. 2 s 23; 2013 Act No. 19 s 120sch 1; 2013 SL No. 109 s 16 sch 1 pt 2; 2014 SL No. 112 s 13; 2014 SL No. 126 s 193; 2014 SL No. 141 s 14; 2014 Act No. 40 s 154 sch 1 pt 4; 2015 SL No. 183 s 8; 2016 SL No. 89 s 33; 2016 SL No. 96 s 23; 2016 SL No. 136 s 4; 2017 SL No.55 s 4    Schedule 3Statutory bodies allocated category 1 investment powersection 6(2)Column 1Column 2Authorising ActStatutory bodyAboriginal and Torres Strait Islander Communities (Justice, Land and Other Matters) Act 1984Community Enterprise QueenslandAboriginal and Torres Strait Islander Communities (Justice, Land and Other Matters) Act 1984the bankerAmbulance Service Act 1991local ambulance committeesAnti-Discrimination Act 1991Queensland Human Rights CommissionAnzac Day Act 1995Anzac Day TrustBiosecurity Act 2014Darling Downs–Moreton Rabbit BoardChicken Meat Industry Committee Act 1976Chicken Meat Industry CommitteeCrime and Corruption Act 2001Crime and Corruption CommissionEducation (General Provisions) Act 2006parents and citizens associationsEducation (Queensland Curriculum and Assessment Authority) Act 2014Queensland Curriculum and Assessment AuthorityFamily and Child Commission Act 2014Queensland Family and Child CommissionFamily Responsibilities Commission Act 2008Family Responsibilities CommissionFood Production (Safety) Act 2000Safe Food Production QLDLand Act 1994 (see section 44)trustees of trust landLocal Government Act 2009a corporate entityLocal Government Act 2009local governments, other than—•Brisbane City Council•Cairns Regional Council•Gold Coast City Council•Ipswich City Council•Logan City Council•Moreton Bay Regional Council•Sunshine Coast Regional CouncilMajor Sports Facilities Act 2001Stadiums QueenslandNew South Wales–Queensland Border Rivers Act 1946The Dumaresq–Barwon Border Rivers CommissionQueensland Agricultural Training Colleges Act 2005Queensland Agricultural Training CollegesQueensland Competition Authority Act 1997Queensland Competition AuthorityRacing Act 2002Racing Queensland BoardRacing Integrity Act 2016Queensland Racing Integrity CommissionRiver Improvement Trust Act 1940 (see section 4)trustsSouth Bank Corporation Act 1989South Bank CorporationTourism and Events Queensland Act 2012Tourism and Events QueenslandTrade and Investment Queensland Act 2013Trade and Investment QueenslandValuers Registration Act 1992Valuers Registration Board of QueenslandWater Act 2000water authorities other than Pioneer Valley Water Board
    sch 3 amd 2008 SL No. 55 s 6; 2008 SL No. 81 s 38; 2008 SL No. 179 s 3; 2008 SL No. 183 s 12; 2008 SL No. 308 s 3; 2010 SL No. 335 s 4; 2010 Act No. 41 s 25; 2013 SL No. 109 s 16 sch 1 pt 2; 2013 SL No. 228 s 13; 2014 Act No. 21 s 94(2)sch 2; 2014 SL No. 105 s 26; 2014 SL No. 112 s 14; 2014 SL No. 126 s 194; 2014 Act No. 40 s 154 sch 1 pt 4; 2015 SL No. 183 s 9; 2016 SL No. 75 s 129sch 12; 2016 SL No. 96 s 24; 2016 SL No. 136 s 5; 2019 Act No. 5 s 179    Schedule 4Statutory bodies allocated category 2 investment powersection 6(3)Column 1Column 2Authorising ActStatutory bodyArchitects Act 2002Board of Architects of QueenslandBuilding and Construction Industry (Portable Long Service Leave) Act 1991Building and Construction Industry (Portable Long Service Leave) AuthorityContract Cleaning Industry (Portable Long Service Leave) Act 2005Contract Cleaning Industry (Portable Long Service Leave) AuthorityEducation (Queensland College of Teachers) Act 2005Queensland College of TeachersHospital and Health Boards Act 2011Hospital and Health ServicesLibraries Act 1988Library Board of QueenslandLocal Government Act 2009Cairns Regional CouncilLocal Government Act 2009Gold Coast City CouncilLocal Government Act 2009Ipswich City CouncilLocal Government Act 2009Logan City CouncilLocal Government Act 2009Moreton Bay Regional CouncilLocal Government Act 2009Sunshine Coast Regional CouncilMotor Accident Insurance Act 1994Motor Accident Insurance CommissionMotor Accident Insurance Act 1994Nominal DefendantNational Injury Insurance Scheme (Queensland) Act 2016National Injury Insurance Agency, QueenslandProfessional Engineers Act 2002Board of Professional Engineers of QueenslandQueensland Art Gallery Act 1987Queensland Art Gallery Board of TrusteesQueensland Building Services Authority Act 1991Queensland Building Services AuthorityResidential Tenancies and Rooming Accommodation Act 2008Residential Tenancies AuthorityRural and Regional Adjustment Act 1994QRAASouth-East Queensland Water (Distribution and Retail Restructuring) Act 2009any distributor-retailer established under the authorising ActSurveyors Act 2003Surveyors Board of QueenslandWater Act 2000Pioneer Valley Water BoardWorkers’ Compensation and Rehabilitation Act 2003WorkCover QueenslandWorkers’ Compensation and Rehabilitation Act 2003Workers’ Compensation Regulatory Authority
    sch 4 amd 2008 SL No. 55 s 7; 2008 SL No. 210 s 6; 2008 Act No. 73 s 554sch 1; 2009 Act No. 46 s 124; 2010 SL No. 108 s 64; 2010 SL No. 335 s 5; 2012 SL No. 82 s 16; 2012 SL No. 90 s 40; 2012 SL No. 217 s 12; 2015 SL No. 183 s 10; 2016 SL No. 89 s 34    Schedule 5Statutory bodies allocated category 3 investment powersection 6(4)Column 1Column 2Authorising ActStatutory bodyCentral Queensland University Act 1998Central Queensland UniversityCity of Brisbane Act 2010Brisbane City CouncilCross River Rail Delivery Authority Act 2016Cross River Rail Delivery AuthorityEconomic Development Act 2012MEDQFuneral Benefit Business Act 1982Trustees of the Funeral Benefit Trust FundGrammar Schools Act 1975 (see section 7)boards of trusteesGriffith University Act 1998Griffith UniversityHospitals Foundations Act 1982 (see part 3)bodies corporate (Hospital Foundations and Trusts)James Cook University Act 1997James Cook UniversityLegal Aid Queensland Act 1997Legal Aid QueenslandLegal Profession Act 2007Queensland Law Society Incorporated—•Legal Practitioners’ Fidelity Guarantee FundNational Trust of Queensland Act 1963The National Trust of QueenslandNewstead House Trust Act 1939Board of Trustees of Newstead HouseQueensland Institute of Medical Research Act 1945The Council of The Queensland Institute of Medical Research—•General Fund under section 13Queensland Museum Act 1970Board of the Queensland MuseumQueensland Performing Arts Trust Act 1977Queensland Performing Arts TrustQueensland Rail Transit Authority Act 2013AuthorityQueensland Theatre Company Act 1970Queensland Theatre CompanyQueensland University of Technology Act 1998Queensland University of TechnologySouth East Queensland Water (Restructuring) Act 2007Queensland Bulk Water Supply AuthoritySupreme Court Library Act 1968Supreme Court Library CommitteeTAFE Queensland Act 2013TAFE QueenslandUniversity of Queensland Act 1998The University of QueenslandUniversity of Southern Queensland Act 1998University of Southern QueenslandUniversity of the Sunshine Coast Act 1998University of the Sunshine Coast
    sch 5 amd 2010 SL No. 335 s 6; 2011 SL No. 68 s 4; 2012 SL No. 240 s 3(2) sch; 2013 SL No. 2 s 24; 2013 Act No. 19 s 120sch 1; 2013 SL No. 109 s 16 sch 1 pt 2; 2014 SL No. 141 s 15; 2015 SL No. 183 s 11; 2017 SL No. 55 s 5    Schedule 6Prescribed investment arrangements for category 1 investment powersection 7Part 1Investment arrangements managed or offered by QIC
  • •QIC Cash Fund
    • Part 2Investment arrangements managed or offered by QTC
  • •QTC Capital Guaranteed Cash Fund
  • •QTC Debt Offset Facility
  • •QTC Fixed Rate Deposit (up to 12 months)
  • •QTC Working Capital Facility
    • Schedule 7Prescribed investment arrangements for category 2 investment powersection 9Part 1Investment arrangements managed or offered by QIC
  • •QIC Australian Fixed Interest Fund
  • •QIC Cash Fund
  • •QIC Growth Fund
  • •QIC Bond Plus Fund
  • •QIC Cash Enhanced Fund
  • •QIC GFI Inflation Plus Fund
    • Part 2Investment arrangements managed or offered by QTC
  • •QTC Capital Guaranteed Cash Fund
  • •QTC Debt Offset Facility
  • •QTC Fixed Rate Deposit (up to 3 years)
  • •QTC Working Capital Facility
    • sch 7 amd 2015 SL No. 183 s 12    Schedule 8Statutory bodies that may enter into derivative transactionssection 11Column 1Column 2Authorising ActStatutory bodyBuilding and Construction Industry (Portable Long Service Leave) Act 1991Building and Construction Industry (Portable Long Service Leave) AuthorityCentral Queensland University Act 1998Central Queensland UniversityCity of Brisbane Act 2010Brisbane City CouncilCommonwealth Games Arrangements Act 2011Gold Coast 2018 Commonwealth Games CorporationCross River Rail Delivery Authority Act 2016Cross River Rail Delivery AuthorityGriffith University Act 1998Griffith UniversityJames Cook University Act 1997James Cook UniversityLocal Government Act 2009Gold Coast City CouncilNational Injury Insurance Scheme (Queensland) Act 2016National Injury Insurance Agency, QueenslandQueensland Performing Arts Trust Act 1977Queensland Performing Arts TrustQueensland Rail Transit Authority Act 2013AuthorityQueensland University of Technology Act 1998Queensland University of TechnologyResidential Tenancies and Rooming Accommodation Act 2008Residential Tenancies AuthoritySouth-East Queensland Water (Distribution and Retail Restructuring) Act 2009any distributor-retailer established under the authorising ActSouth East Queensland Water (Restructuring) Act 2007Queensland Bulk Water Supply AuthorityTourism and Events Queensland Act 2012Tourism and Events QueenslandTrade and Investment Queensland Act 2013Trade and Investment QueenslandUniversity of Queensland Act 1998The University of QueenslandUniversity of Southern Queensland Act 1998University of Southern QueenslandUniversity of the Sunshine Coast Act 1998University of the Sunshine CoastWater Act 2000Gladstone Area Water BoardWorkers’ Compensation and Rehabilitation Act 2003WorkCover Queensland
    sch 8 amd 2007 Act No. 58 s 117sch 2; 2008 SL No. 210 s 7; 2008 Act No. 73 s 554sch 1; 2009 Act No. 46 s 125; 2010 SL No. 335 s 7; 2010 SL No. 350 s 3; 2011 SL No. 6 s 3; 2012 SL No. 217 s 13; 2012 SL No. 240 s 3(2) sch; 2013 SL No. 4 s 3; 2013 Act No. 19 s 120sch 1; 2014 SL No. 141 s 16; 2014 SL No. 234 s 3; 2015 SL No. 183 s 13; 2016 SL No. 89 s 35; 2017 SL No. 13 s 3; 2017 SL No. 55 s 6    Schedule 9Special guarantee conditions under section 82(3) of the Actsection 13For section 82(3) of the Act, this schedule sets out the conditions of a special guarantee for a loan by QTC to an entity.
  • 1In this guarantee—default amount means the amount of the guaranteed moneys the Treasurer is requested to pay to QTC in a notice under clause 2(4).guaranteed moneys means all moneys which are payable, owing but not payable or contingently owing, by the entity to QTC under the loan.this guarantee means these conditions.
  • 2(1)If the entity defaults in the due and punctual payment of the whole or part of the guaranteed moneys, QTC may serve a notice (a default notice) upon the entity.
  • (2)If QTC serves a default notice upon the entity, QTC must within 3 days of the service give a copy of the notice to the Treasurer.
  • (3)In the default notice, QTC must—
  • (a)specify the default; and
  • (b)require the entity to remedy the default.
  • (4)If the entity does not remedy the default within 14 days after receiving the default notice, QTC may serve a written notice upon the Treasurer.
  • (5)In the notice, QTC must—
  • (a)certify the default has occurred and remains unremedied; and
  • (b)request the Treasurer to pay the amount of the unremedied default to QTC.
  • 3(1)As soon as practicable after receiving a notice from QTC under clause 2(4), the Treasurer must pay the default amount to QTC from funds or reserves that the Treasurer considers appropriate.
  • (2)If the Treasurer is obliged or elects to seek an appropriation from Parliament before paying the whole or part of the default amount out of a particular fund or reserve, the Treasurer must promptly seek the appropriation.
  • 4The Treasurer may at any time direct QTC not to provide—
  • (a)any further financial accommodation to the entity; or
  • (b)financial accommodation to the entity in excess of a specified aggregate amount.
  • 5If QTC provides financial accommodation to the entity contrary to the Treasurer’s direction under clause 4—
  • (a)the financial accommodation is not part of the loan, or another loan to which section 82 of the Statutory Bodies Financial Arrangements Act 1982 applies, and the Treasurer has no obligation to QTC under this guarantee for the financial accommodation; and
  • (b)any payments made by or for the entity to QTC must be applied by QTC firstly in reduction of the loan for which the Treasurer (for the State) is liable under this guarantee.
  • 6The Treasurer is under no obligation to pay the default amount to QTC if—
  • (a)QTC or the entity materially contravened the Statutory Bodies Financial Arrangements Act 1982, the Queensland Treasury Corporation Act 1988 or the entity’s authorising Act in relation to the loan; or
  • (b)the approvals required under the Statutory Bodies Financial Arrangements Act 1982, the Queensland Treasury Corporation Act 1988 or the entity’s authorising Act to enter into the loan were not obtained or any conditions of the approval were not materially complied with; or
  • (c)QTC has materially contravened this guarantee.
  • 7(1)QTC may, from time to time, grant the entity any time, waiver forbearance or other concession without discharging or limiting the rights of QTC under this guarantee.
  • (2)On each occasion QTC grants any time, waiver, forbearance or other concession to the entity, QTC must give the Treasurer notice of—
  • (a)the time, waiver, forbearance or other concession; and
  • (b)particulars of the default by the entity which resulted in the granting of the time, waiver, forbearance or other concession.
  • 8(1)A failure to exercise, or any delay by QTC in exercising, any right or remedy under this guarantee does not operate as a waiver of the right or remedy.
  • (2)The exercise or partial exercise by QTC of a right or remedy does not prevent any further or other exercise of the right or remedy.
  • 9QTC may not assign or transfer all or any part of its rights or obligations under this guarantee to a third party.
  • 10The Treasurer does not incur any personal liability under this guarantee.
  • 11On request by the Treasurer, QTC must give to the Treasurer any information about its transactions and dealings with the entity.
  • 12A notice, communication, consent or direction that may be given by or to the Treasurer may be given by or to the Under Treasurer or a person acting in the position of the Under Treasurer.