(1)  If –

(a) authority to pay money out of the Public Account has been granted by any Act; and

(b) the money standing to the credit of the Public Account is, for the time being, insufficient to provide for that payment –

the Governor may authorise the Treasurer to make arrangements for obtaining temporary advances to an extent not exceeding, in any case, the amount by which –

(c) the receipts of revenue; or

(d) as the case may be, the available money borrowed –

are or is for the time being insufficient to provide for that payment.

(2)  A temporary advance under this section may be authorised –

(a) by way of overdraft or otherwise; and

(b) in the State or elsewhere.

(3)  The interest or discount on a temporary advance under this section is chargeable to the Public Account which, to the necessary extent, is appropriated accordingly.

(4)  All amounts of money raised by a temporary advance under this section during a financial year are to be issued and applied by the Treasurer solely for the purposes for which an Appropriation Act for that financial year has authorised an issue of money from the Public Account.