49. Borrowing restrictions
(1) The IMO is not to exercise the power conferred by regulation 48(2)(a) except with, and in accordance with, the Treasurer's approval.
(2) Without limiting subregulation (1), the Treasurer's approval may be given by way of a notice under subregulation (3).
(3) The Treasurer may, by notice to the IMO, impose monetary limits on the exercise of the power conferred by regulation 48(2)(a).
(4) A monetary limit is to be determined for the exercise of that power in a financial year specified by the Treasurer and may relate to ¾
(a) the total amount that can be outstanding at any one time during that year as a result of the exercise of that power; or
(b) the total liabilities that can be incurred during that year as a result of the exercise of that power.
(5) A monetary limit for the time being in force may be varied for a subsequent financial year by the Treasurer by a further notice under subregulation (3).
(6) A monetary limit for the time being in force continues to apply until it is so varied.
(7) The Treasurer may, by notice to the IMO, impose other conditions on the exercise of the power conferred by regulation 48(2)(a) or vary a condition for the time being in force.
(8) The IMO must comply with any monetary limit or other condition for the time being in force in relation to it.
(9) A liability of the IMO is not unenforceable or in any way affected by a failure of the IMO to comply with this regulation.
(10) No person dealing with the IMO is bound or concerned to enquire whether the IMO has complied or is complying with this regulation.