Constitution of Urabba Parks/Section 95
Borrowing from entities[edit | edit source]
(1) Subject to this section and any further laws made by the Parliament, the Manager‑General in Council may authorise an officer of the Executive Government of Urabba Parks to apply to:
- (a) the Executive Government of a jurisdictional division;
- (b) a campus government entity; or
- (c) an association;
to borrow money from the jurisdictional division, campus government entity or association on the terms and conditions as authorised by the Manager‑General in Council.
(2) No drawing from the funds of an entity falling in subsection (1) shall take place until agreed to by the entity or authorised under subsection (3).
(3) The Court of Directors, or another judicial body of Urabba Parks as the Parliament prescribes may, upon an application made under subsection (1), authorise borrowing from the jurisdictional division, campus government entity or association if it is satisfied the requirement for cash:
- (a) is critical to the protection of the solvency or financial standing of Urabba Parks as a whole; and
- (b) outweighs any requirement or expectation established under this Constitution (whether expressly or by implication) that money for the Executive Government of a jurisdictional division, campus government entity or association is to be expended in a manner consistent with the purposes of the entity.
(4) In this section, borrow money includes to grant the Executive Government of Urabba Parks any security over rights of the Executive Government of a jurisdictional division, a campus government entity or association for the benefit of the Executive Government of Urabba Parks.
Relevant note from the Explanatory Memorandum[edit | edit source]
242. Subsection (1) provides that the Executive Government to borrow money from an entity formed within Urabba Parks; under subsection (2) such borrowing requires the consent of the entity or authorisation of the Court of Directors or another tribunal. Subsection (3) provides the Court or other tribunal may authorise borrowing when critical for the protection of the solvency or financial standing of Urabba Parks as a whole. Subsection (4) includes the definition of borrowing to include a granting of security over any assets. The purpose of this section is to allow Government to have access to funds where it appears there is a situation adversely affecting the solvency or financial standing of Urabba Parks as a whole.